Britain has a huge untapped shale gas potential that could help the region reduce carbon emissions, bring down energy prices and increase employment, finds a new survey by the Institute of Directors (IoD).
According to IoD, Britain needs to properly explore the available shale gas and develop its own reserves along the same lines as the US.
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The survey, which focused on various aspects of shale gas exploration such as the practical and policy implications of fracking, revealed that the British business leaders are willing to support the UK government to develop a shale gas industry for itself.
British Geological Survey is expected to revise its estimate later this year to about 200 trillion cubic feet from 5.3 trillion cubic feet in 2010, a growth which is forecasted by the study to offer several benefits for the country.
If properly explored, the shale gas reserves could add about 35,000 additional jobs, address 10% of the UK’s gas demand for more than 100 years, and save up to 45 million tonnes of CO2 thereby reducing 8% of the UK’s annual carbon emissions.
There are additional benefits in terms of offsetting the losses in the North Sea oil and gas industries, addressing the rising costly gas imports and avoid an estimated 29,000 annual deaths from poor air quality in the UK, according to the survey.
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By GlobalDataAs part of the survey, IoD has studied the environmental and policy implications of using the hydraulic fracturing method fracking in shale gas extraction.
IoD claims that fracking is as safe as any other hydrocarbon extraction and should be permitted in the UK with a proper regulatory approach.
The study has drawn several references to the US shale gas industry; where about 20,000 wells have been drilled enabling the country to manage 23% of domestic gas production and 22% of domestic consumption.
Plans to take advantage of shale potential in the US are likely to create 3.6 million jobs by 2020 and reduce carbon emissions by nearly 450 million tonnes, the IoD survey observed.
Caption: The UK beleive it has a huge untapped shale gas potential Credit: Vaughan Leiberum.
