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4 Global Bus. L. Rev. 1 (2013-2014)

handle is hein.journals/glbure4 and id is 1 raw text is: SHALE REVOLUTION OR EVOLUTION: OPPORTUNITIES AND CHALLENGES FOR EUROPE OWEN L. ANDERSON* I. SHALE GAS-MORE EVOLUTION THAN REVOLUTION............. 2 II. WHY WILL EUROPEAN SHALE GAS EVOLVE MORE SLOWLY THAN IN THE UNITED STATES? ...... ...... 11 A. Risk-Taking Independents, Known Geology, and Lower Political Risk................................... 11 B. Larger and More Experienced Petroleum Services Industry. ............................ 133 C. More Robust Infrastructure ..................... 14 D. Less Radical Environmental Community .... ...... 155 E. Less Regulation ................. ............... 177 F. Market Pricing.. ................................. 18 G. Petroleum-Friendly Tax Environment... ............. 20 H. Less Densely Populated.. ....................... 210 L Private (not Public) Ownership............ ..... 233 III. CONCLUSION ................................ 255 The first country to develop significant quantities of shale gas was the United States. To illustrate this development, in 2000, shale gas accounted for a mere 1percent of total US gas production. Then in 2010, shale gas accounted for 20 percent of US gas production, and by 2035 could account for 46percent. Technically recoverable reserves of wet natural gas in the US are estimated to exceed 2,400 trillion cubic feet, with shale gas accounting for 27 percent.3 *Eugene Kuntz Chair in Oil, Gas & Natural Resources, George Lynn Cross Research Professor, Academic Director of the John B. Turner LL.M. in International Energy, Natural Resources & Indigenous Peoples. Professor Anderson thanks Jarrad Cormier, third-year law student at the University of Oklahoma, for his assistance in footnoting this article. ' Paul Stevens, The 'Shale Gas Revolution': Developments and Changes, CHATHAM HOUSE (Aug. 2012), http://www.chathamhouse.org/sites/files/chathamhouse/public/Research/Energy,%20Environ ment%20and%20Development/bp08l2_stevens.pdf.. 2 Id.; TIM BOERSMA & COREY JOHNSON, TWENTY YEARS OF US EXPERIENCE: LESSONS LEARNT FOR EUROPE, IN SHALE GAS IN EUROPE 9, 10 (C6cile Musialski et al. eds., 2013). 3 Technically Recoverable Shale Oil and Shale Gas Resources: An Assessment of 137 Shale Formations in 41 Countries Outside the United States, U.S. ENERGY INFORMATION ADMIN., http://www.eia.gov/analysis/studies/worldshalegas/ (last updated June 13, 2013). 1