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As operators continue to tap into the plethora of shale gas reserves in the U.S., European leaders are looking to shift their natural gas supply base from Russia to the U.S. At this week's EU-US summit in Brussels, U.S. President Barack Obama voiced his support for increasing LNG exports if an agreement can be successfully reached, according to multiple news reports.
Currently, Europe receives most of its gas supply from Russia, by way of gas giant Gazprom. In the wake of the seizure of Crimea by Russian President Vladimir Putin, Europe is looking to substantially diminish its reliance on Russian natural gas exports.
Most LNG export terminals in the United States are placed in the Gulf Coast Region of the Southern U.S. Currently, no major terminals are currently positioned optimally for European export.
If an agreement were to be solidified and LNG exports increased, this would fuel U.S. LNG export terminal development. Additionally, Shale Experts predicts that gas prices will see a sizable jump as a result of a positive agreement.
João Vale de Almeida, the EU’s ambassador in Washington, commented: "What we are asking is for a willingness of the U.S. side to be more proactive on the licenses. What has changed in the last few weeks is the realization in America that energy is used as a political tool by Russia."
While Obama voiced support for a future 'successful pact', he encouraged Europe to tap into its own resources to avoid being constrained by its Russian dependence. Obama cited that European nations should consider utilizing enhanced technology, such as hydraulic fracturing. Recently, the United Kingdom expressed a desire to overhaul trespass laws, which would make it easier to utilize new technologies in extracting shale gas.
EU leaders are hoping that a concrete agreement easing trade barriers will be reached by 2015.
Shale Experts will report new developments as the EU-US summit continues.
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