SOURCE: Itera International Group of Companies

October 23, 2012 06:00 ET

Itera International Group of Companies: European Shale Development Is Uncertain

Shale Gas Development Is Taking Off All Over the World, Yet Europe Lags Behind -- a Reality That Has Won the Attention of Itera International Group of Companies

MOSCOW--(Marketwire - Oct 23, 2012) - Around the world, shale gas development is gaining in prominence and prestige. Energy experts in the U.S. and Canada have celebrated it as a "shale revolution," while nations such as Japan and China begin to weigh their own prospects of shale development; these developments come despite continued concerns over the ecological impact of shale development. As shale gas grows into an international trend, however, many European nations lag behind -- a reality that has won the attention of Itera International Group of Companies.

One of Russia's leading suppliers of natural gas, and active throughout Europe and the United States, Itera International Group of Companies is passionate about minimizing ecological damage -- a crucial concern for European nations, in particular. Itera explains its position in a new statement to the press.

"Itera International Group of Companies sees shale gas development as a major step forward for the global energy community, but not necessarily in a good way," says the company's press statement. "We understand that the economic benefits can prove numerous. At the same time, we acknowledge that geological and environmental characteristics make shale gas development a trickier prospect in Europe, which is why continued prudence, along with measured action, is the order of the day."

Indeed, Pakistan Today notes that geology is a prime concern for Europe. While there may be large shale formations in Europe that does not mean that there is an abundance of easily-recoverable shale gas, as there is in the United States. In fact, the U.S. and China are the nations with the highest volume of recoverable shale gas, while Europe has a much smaller and less accessible supply.

A few European countries are taking tentative steps toward the development of shale gas energy, with Poland leading the way. Poland is generally thought to have Europe's richest supply of shale gas, and the development of a shale gas production industry would lead to less reliance on the more environmentally damaging coal industry.

Itera International Group of Companies advocates for caution and discretion with regard to shale gas development, as well as attention to the potentially profound environmental effects.

ABOUT:

Itera International Group of Companies is a vertically integrated corporation founded in 1992, with dozens of enterprises in the NIS, Baltic States, Western Europe, Asia, and the United States. Since 1994, Itera's main business activity has been natural gas. Starting in 1998, Itera Oil and Gas Company, within the Itera International Group of Companies, has been expanding its own gas production in the Yamal-Nenets region of Russia and has invested over two billion dollars into infrastructure. Overall, over 250 billion cubic meters of gas were produced at Itera's gas fields. The total volume of gas sold by Itera has surpassed 600 billion cubic meters. Itera's strategic business developments are also reaching into development, biochemical, and power generating segments. 

The American division of the company, Itera USA, was founded in 1992. In addition to their work in the energy industry, Itera USA has also found success in timber, real estate, and more. Itera always welcomes new ideas, and strives to build bridges between peoples and cultures through the implementation of quality energy solutions.