Shale reserves double previous predictions

The amount of shale gas lying beneath the north of England is twice as much as previously thought, according to new research.

Shale gas is extracted through the controversial process of hydraulic fracturing, or fracking, which involves pumping water and chemicals underground to free the gas from its reserves.

A recent report by the Institute of Directors found that 74,000 new jobs could be created in Lancashire, directly or indirectly involved with shale gas extraction. Meanwhile Centrica, the parent company of British Gas, recently invested £100m in acquiring licenses to farm the reserves.

“Even if only 10% of the gas in the ground could be recovered, it would still provide more than 40 years’ worth of Britain’s total gas consumption. Shale gas is the best energy news this country has had in a long time.” More about shale gas and fracking can be found in the next edition of Lancashire Business View.