Press office

“Undoubtedly, the emergence of shale is impacting on M&A in the energy sector, particularly in the US. It extends not only to investments in shale gas projects, but also to M&A activity in sectors involved in the supply structure around shale gas, for example pump manufacturers, and in infrastructure.

“Investors in the EU are still cautious, and concerns exist over how the various environmental issues associated with shale gas will play out across the Member States, and the fact that the Member States have taken very different positions on shale gas. In addition, the European Commission is awaiting the results of various reports on shale gas, from which it can assess and understand the position from all angles, including regulatory and environmental. The challenge at present is for operators to obtain and keep a permit which will allow exploration, let alone exploitation of shale gas. Most recently, one operator has had its exploration permit withdrawn in Bulgaria, in response to public protest, a situation which does nothing to encourage investment. At the same time, the scale of shale resources, their economic potential and their significance for supply security means that it is likely to be just a question of time.”