The British government has announced findings from the first independent study conducted by the British Geological Survey, of the potential volume of shale gas in the Bowland Basin and beyond, which covers 11 counties in the North of England. Scientists from the British Geological Survey have estimated on a central scenario that there is likely to be some 40,000 bcm of shale gas in the ground in this area.
This comes on the same day as the Government uses its long-term infrastructure investment plan to unveil a package of reforms to enable shale gas exploration. Though it is early days for shale in the UK, it has the potential to contribute to the UK’s energy security, increase inward investment and growth. The Government has also welcomed a package of community benefits that has been brought forward by industry today. Companies have pledged to engage with communities early (prior to any application for planning permission), and to provide community benefits in areas where shale is commercially extracted. These will include £100,000 for communities situated near each exploratory (hydraulically fracked) well, and 1% of revenues from every production site.