"The question about the gas revolution [spreading overseas] is if the gas revolution can be transferred elsewhere. The challenges are daunting, but not insurmountable," CWC senior associate Alirio Parra told the conference attendees in Grapevine, Texas.
In Europe, shale potential is great, with around 700 Tcf of reserves estimated to be in place in the western section of the continent.
However, the geology of those formations in Europe and elsewhere are different than those in the US and would require different methods to be taken to drill the resource.
Hans-Martin Schulz, a senior research geologist for Gas Shales of Europe, said that tapping that potential would require using the technology developed in the US, but in unique ways.
"We need this experience, but need to keep in mind that European gas plays are different and we need to come up with new concepts to handle them," he said.
But the payoff would be immense.
"If the recipe in North America can be replicated, shale gas can have a tremendous impact worldwide," International Gas Association president Abdul Rahim Hashim said.
The IGA chief added, though, that the environmental concerns over hydraulic fracturing pose as many major questions and potential barriers overseas as in the US.
In the US, XTO president Jack Williams said the industry as a whole should take steps to make shale strong and ensure the technology spreads worldwide, including outlining the chemical components used in the hydraulic fracturing process.
"We need a workable solution for disclosure of hydraulic fracturing fluid ingredients," he said, adding that improved outreach and public policy efforts would be required for that kind of global growth.
"We need to set a positive precedent for shale gas around the world," Williams said.
But beyond policy, the long-term viability of shale in the US and abroad could hinge as much on the uses that are created to soak up the added supply that shale has introduced.
Rick Smead, director of Navigant Consulting, told conference attendees that demand would need to be found or created to keep gas prices up enough to keep producers drilling and innovating their practices.
"The biggest risk is if we fail to ask for the stuff," he said, citing power generation as a major potential use. "There needs to be an economic incentive to apply the technology. If the market gets unstable then development itself will break down.
