Britain to Explore for Shale Gas
May 1, 2014
Britain, which has grown more and more dependent on energy imports, is beginning to explore for shale gas. Geologists estimate that the nation could contain several hundred years' worth of shale resources, and companies have announced plans to look for it using hydraulic fracturing ("fracking"), reports Reuters.
Fracking, however, is just as contentious an issue in the United Kingdom as it is in the United States, and environmental groups have spoken out against the process, concerned about groundwater contamination, earthquakes and increased use of fossil fuels.
But according to a new study from Ernst and Young, Britain would see enormous benefits.
- Oilfield service and manufacturing companies alone could see a boost of £17 billion from the exploration, and waste, storage, steel and transportation companies would also benefit.
- Shale gas in Britain could create more than 64,000 jobs and inject local businesses with $55 billion in capital.
Source: "Shale Gas Explorers Could Pump 33 Bln Stg into Britain -- Report," Reuters, April 24, 2014.
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