Shale gas could be the ‘a new North Sea’ for Britain
Shale gas is the future of the UK’s energy industry and could meet more than a third of the nation’s annual gas needs and cut its dependence on imports, according to a new report.
The Institute of Directors’ (IoD) ‘Getting shale gas working’ report, sponsored by shale gas firm Cuadrilla Resources, claims its development could also create tens of thousands of jobs, generate significant tax revenue and support British manufacturing.
Among the economic benefits, the report claims investment in shale gas could peak at £3.7 billion a year and support 74,000 jobs in the UK. Production could be as much as 853 billion cubic feet (bcf) per year in the low scenario, 1,121 bcf in the central scenario and 1,389 bcf in the high scenario.
Corin Taylor (pictured), Senior Economic Adviser at the IoD and author of the report said: “Shale gas could be a new North Sea for Britain, creating tens of thousands of jobs, supporting our manufacturers and reducing gas imports. Further exploration will be needed to assess the size of technically and commercially recoverable resources. At the same time, partnerships need to be established between industry, Government and communities to ensure that development of this vital national resource benefits local people.”
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