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Spain estimates enough Gas reserves for 39 years

Source: Bloomberg - Mon 11th Mar 2013
Spain estimates enough Gas reserves for 39 years

Bloomberg has reported how Spain, probably has enough resources of Shale-Gas to satisfy domestic demand for at least 39 years.

Although the country is yet to begin production, Spain's Council of Mining Engineers estimated that the amount of natural gas trapped in shale rock adds up to 50 trillion cubic feet.

Fernando Pendas, a water and oil geology professor at University of Oviedo, said today at a briefing in Madrid to present the council's findings how estimate could double once exploration studies are finalized and more is discovered through breaking open rock using hydraulic fracturing, knowns as fracking.

"If we don't allow fracking, Spain would have missed out on a huge opportunity," Pendas said. As many 100 companies have applied for permits to begin exploration using fracking in Spain during the past 5 years.

The most advanced shale-gas exploration projects are located in the Basque-Cantabrian basin in the north of Spain and benefit from proximity to water sources, Angel Camara, co-writer of the study who is a chemical engineering and fuels professor at Madrid's Polytechnic university.

The environmental success of shale gas production, which has been targeted by environmental protests in Spanish regions including Cantabria, will "entirely depend on good operator practices," Camara said. "If those are fulfilled, there is no reason to fear."