• 2 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 5 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 7 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 8 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 7 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
World Class Copper Auction Draws Major Interest

World Class Copper Auction Draws Major Interest

Peru’s mega Michiquillay copper is…

Trump’s Iran Decision Haunts Big Oil

Trump’s Iran Decision Haunts Big Oil

Donald Trump’s Iran decision has…

Is A British Shale Boom Possible?

Rig

Steve Elliott, chief executive of the Chemical Industries Association, says Yes.

Concerns that UK energy is expensive, and may be insecure, undermine investment. We need firms to invest in the UK, and fracking for shale will help. The UK chemical industry supports the development of unconventional gas (including shale gas) while protecting the environment, public health and ensuring that communities receive associated benefits.

Extraction of shale gas will create skilled jobs, directly increase GDP and help to reduce our trade deficit. It is likely to bring downward pressure on energy prices, and lead to further gains in output in the rest of the economy – as in the U.S. – which is seeing a $150bn boom in petrochemicals investment.

Shale gas producers will pay substantial taxes to the Treasury on their production income, and will also provide benefits to local communities. Investment in shale gas production could reach £3.7bn a year, supporting 74,000 new jobs. Moreover, global chemical company Ineos has pledged 6 per cent of gas revenues to landowners and communities.

Michael Bradshaw, professor of global energy at Warwick Business School, says No.

The shale gas revolution in the U.S. did not happen overnight; it has been 30 years in the making. Moreover, it has not just been about the technology. There are a host of reasons why, once proven, the industry in the U.S. developed at great speed.

These have to do with geology, with regulations, with public attitudes, with private ownership of sub-soil rights, with access to finance, to mention but a few. Furthermore, many of the practices in the U.S., though not permitted in all states, are not permitted in the UK. This is largely due to UK and EU legislation.

And finally, the scale of public opposition – see Third Energy’s failure to obtain a social license from the local community in Ryedale, for example – and the complexity of the planning process means that drilling hundreds of wells a year will be challenging to say the least. As a result, it is highly unlikely that there will be a U.S.-style shale gas revolution in the UK.

By Steve Elliott and Michael Bradshaw via City A.M.

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News