It is believed shale gas could add €1.7-3.8 ($A2.5-5.6) trillion to the European economy between 2020 and 2050, reducing dependence on imported gas, which is predicted to reach 89% by 2035 and free up money for internal investments.

The study, conducted by consultancies Poyry Management Consulting and Cambridge Econometrics, examined the impact of domestic shale gas on the European Union economy using three different scenarios, each with differing production levels.

“We cannot afford to forego such an opportunity,” OGP EU affairs director Roland Festor said.

“Every cubic meter of gas produced from EU shale resources means one cubic meter less of imported gas.

“That would translate into more jobs, more disposable income, better security of supply and ultimately more prosperity. We encourage policy makers to create the right conditions for exploration.”