The future for Europe’s refineries and petrochemicals plants looks bleak thanks to the US shale gas boom and rising Middle Eastern production capacity.
British political leaders are clamouring for a shale oil and gas revolution to sweep the UK in the same way that it has transformed the US energy market.
However, while the UK’s ability to harness cheap energy from shale remains a source of debate and political stargazing rather than a reality, the US’ shale gas revolution is having a very real impact on how industry operates on both sides of the Atlantic.
Analysis presented by oil & gas research firm Wood MacKenzie at the International Petroleum week in London in February revealed that Europe’s refineries and petrochemical plants are particularly exposed to their US counterparts having access to far cheaper hydrocarbons.
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