“Within three to five years, there should be exponential growth in drilling as there was in the U.S.,” Edward Morse, head of commodities research at Citigroup Inc., said in an interview. “The big problem isn’t replicating the geology, it’s replicating the critical ingredients that got the American shale revolution going.”
This type of drilling growth would be huge, of course. If there is a slowdown in drilling, we will expect energy prices to rise, but if drilling rates increase prices likely will stay low. Much of the speech I heard last Thursday discussed predictions for how the price for natural gas would rise soon (and dramatically). Future growth into areas that haven't yet been fracked (both in US and abroad) will help determine future prices.