Report highlights benefits and barriers to shale gas boom

Shale gas development could create tens of thousands of jobs, reduce imports, generate significant tax revenue and support British manufacturing, suggests a new report.

The report predicts that huge quantities of shale gas are stored beneath the ground in Lancashire.

"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.”

Approximations suggest the mining would only require 'a small amount of land', with one two-hectare site providing enough space for 40 horizontal wells and supply enough gas to power 747,000 homes at peak production.

It also details a possible skills shortage of workers in oil and gas production. The authors of the report also noted: " In order to remain focused, this report does not examine the safety of hydraulic fracturing, either in the UK or overseas. Other expert bodies have looked into the process in detail, and we support their calls for strong regulation of all aspects of the drilling and hydraulic fracturing process."

• The full report can be downloaded here, and an eight-page summary of the report can be downloaded here.
• Lancashire Business View is today sponsoring and chairing Shale Gas – Lancashire’s next industrial revolution? a half-day conference exploring the topic further. A full, detailed report will be included in the July/August edition of the magazine.