From CNBC on Friday:
Comparing the transformation that U.S. gas production will have on the economy to the rise of the Internet, Recchi said, "This shale gas, fracking economy… is changing the dynamics of the gas business in Europe and Asia."
The Eni chairman said that an abundance of cheap gas will bring energy-intensive manufacturing back into the U.S. "A lot of global brands are bringing back this capacity to the U.S. which creates and jobs," he said.
Eni, which has 75 percent of its business overseas and is the biggest oil company in Africa, has also made a major gas find in Mozambique, which Recchi expects to further change the oil and gas industry.
"We had a fantastic discovery rate this year," he said. "And the biggest claim we can make is this huge gas find in Mozambique. It's about 68 tcf, which is 25 years of consumption for a country like Italy."
Turning to Italy's finances, he said, while there was "sweating and blood spilling" from the country's austerity measures, it ultimately will help improve growth.
"If our financial accounts are in order, the financial markets will trust the system, the (bond) spreads would go down and the debt resources would be freed up to boost the economy," he said. "The next step in the agenda is to create growth and that growth will be able to increase GDP and manage the (public sector) debt that just reached 2 trillion euros."
Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.
Rig Count Interactive Map by Baker Hughes, an energy services company.
Shale Sheet Fracking, a Youngstown Vindicator blog.
The Ohio Environmental Council, a statewide eco-group based in Columbus.
Earthjustice, a national eco-group.
People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.
Concerned Citizens of Medina County, a grass-roots group.
No Frack Ohio, a Columbus-based grass-roots group.
Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.
Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.
Allegheny Front, environmental public radio for Western Pennsylvania.