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Page added on April 24, 2014

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Shale Gas Explorers Could Pump $55B into Britain

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The development of shale gas in Britain could create more than 64,000 jobs and give local businesses a 33-billion-pound ($55.37 billion) capital injection, according to an Ernst & Young report commissioned by an industry body.

Shale gas explorers would need to spend that amount on their supply chains for drilling work over 18 years, said the study.

Britain is in the early stages of exploring for shale gas to counter its growing dependence on imports, and geologists have estimated it could have shale resources equivalent to several hundred years of demand.

Several companies have announced plans to explore for shale gas in Britain using hydraulic fracturing, known as fracking, a technique of injecting water, sand and chemicals deep into rock formations to release hydrocarbons.

Protesters and many environmental groups have opposed the process saying it would increase the use of fossil fuels and raise the risks of groundwater contamination and earthquakes.

Oilfield service and manufacturing companies that provide equipment and skills for fracking could get a 17-billion-pound boost from shale gas exploration, said the study commissioned by the UK Onshore Operators Group, which represents onshore exploration and production companies.

It also said the country’s waste, storage, steel and transport sectors would benefit.

Britain’s government needed to lay foundations for infrastructure and supply chain standards, the report added.

“This is how we will ensure that the UK can turn billions of pounds currently spent on gas imports into revenues for local communities,” Ernst & Young energy advisory partner Chris Lewis said.

($1 = 0.5960 British pounds)

– See more at: http://www.rigzone.com/news/oil_gas/a/132729/Report_Shale_Gas_Explorers_Could_Pump_55B_into_Britain?rss=true#sthash.vMnJUyKs.dpuf

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7 Comments on "Shale Gas Explorers Could Pump $55B into Britain"

  1. Plantagenet on Thu, 24th Apr 2014 9:46 pm 

    The Oilcos will spend billions in the UK exploring for gas and oil in shale, and then the UK will make billions more as the oil and gas is produced.

    Whats not to like?

  2. dcheath40 on Thu, 24th Apr 2014 11:23 pm 

    It’s all too easy to simply state that “geologists have estimated it could have shale resources equivalent to several hundred years of demand”. Let’s have some names of geologists and potential production numbers please. Otherwise the article is not very meaningful.
    The fracking in the US clearly shows shale gas well depletion rates are extremely high, with the average well’s production rate dropping precipitously after about 3 years. No doubt shale gas will help stem the gas production decline from the North Sea for at least a few years, but to imply that it will supply Britain’s total gas demand for several hundred years is just nonsense and completely misleading.

  3. dolanbaker on Fri, 25th Apr 2014 1:31 am 

    wrong flag!

  4. Arthur on Fri, 25th Apr 2014 1:47 am 

    Britain and Poland are the countries in Europe with the lowest environmental standards.

  5. Meld on Fri, 25th Apr 2014 1:51 am 

    How the hell is this going to work in the UK? there is barely enough room to turnaround. Are they just going to start doing it on farmers land or what? that sounds safe and sensible.

  6. MSN fanboy on Fri, 25th Apr 2014 5:45 am 

    There isn’t enough room on an already over-exploited,over-populated island. They already cant feed half their population without imports.
    And yes meld this would be on farmers land in the north where the deposits are.
    I guess when tremors start happing all over the UK they will finally do a study proving fracking is related to earth tremors.

  7. meld on Fri, 25th Apr 2014 1:04 pm 

    I doubt it MSM fanboy, I’m pretty sure “research” will show that the earthquakes have always happened it’s just we’ve become more sensitive to them due to our mobile phones or some similar shite

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