ConocoPhillips chief: ‘Misinformation and fear’ could thwart shale energy boom

HOUSTON – The CEO of oil-and-gas giant ConocoPhillips said Tuesday that the energy industry must do more to battle negative views of energy from shale formations, which is developed through hydraulic fracturing.

 “There is risk that society won’t see the shale revolution through to its full potential due to misinformation and fear,” said CEO Ryan Lance at a major energy conference here.

He called for more efforts to engage with governments and local communities. “We are taking some steps, but we need to do more,” Lance said at the big annual IHS CERAWeek energy conference.

Production of oil and natural gas from shale rock formations has sparked a boom in U.S. energy production, helping to drive natural gas production to record levels and oil production to a 20-year high.

But use of the controversial development method, dubbed “fracking,” has prompted concerns about air pollution and water contamination where development is booming.

Industry groups contend that concerns about fracking have been badly overstated and say the method is safe.

Lance accused critics of “creating fear” and touted steps he said the industry is taking on water conservation, disclosure of chemicals and other areas.