UPDATE 1-IEA to recommend G20 shale gas regulations

(Updates with European Commissioner quotes, paragraphs 14-17, changes dateline to DAVOS from GENEVA)

* Shale gas has potential to change global energy supplies

* Large-scale European development not expected soon

* European commissioner says Brussels looking at own rules

By Dmitry Zhdannikov

DAVOS, Switzerland Jan 27 (Reuters) - The International Energy Agency (IEA) will recommend the G20 consider imposing stringent rules on the development of unconventional gas to address ecological concerns and allow the world to have real benefits from the shale gas revolution.

The IEA's Chief Economist Fatih Birol told Reuters in Davos on Friday that it plans to publish "golden rules for the golden age of gas" in May in which the agency will give regulatory recommendations for shale gas, and that it will hold a meeting on unconventional gas in Poland on March 7, inviting players from Russia, Australia, South Africa, Mexico, and other major gas producers.

"We will have a series of recommendations for governments, companies and regulators," Birol said.

"From our point of view we will monitor it (implementation of recommendations) and we think it is a very good time for the G20 under the Mexican presidency to follow this up and take into consideration, as many of the G20 countries are major gas producers".