• 7 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 9 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 11 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 12 hours Schlumberger Warns Of Moderating Investment In North America
  • 13 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 14 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 16 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 17 hours New Video Game Targets Oil Infrastructure
  • 19 hours Shell Restarts Bonny Light Exports
  • 20 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 1 day Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Can India Overtake China In The EV Revolution?

Can India Overtake China In The EV Revolution?

India wants to drastically increase…

The Safest Way To Bet On The Bitcoin Boom

The Safest Way To Bet On The Bitcoin Boom

Often described as the backbone…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

New Report Doubles England’s Shale Gas Reserves

New Report Doubles England’s Shale Gas Reserves

The British Geological Survey released a report on Thursday that provided a revised estimate for shale gas resources in the North of England. The new estimate is double the old one.

The shale formation, known as the Bowland shale formation has been calculated to hold around 1,300 trillion cubic feet of natural gas. Considering that BP reports British consumption as 2.76 trillion cubic feet in 2012, this formation is enough to transform the UK energy market, even though only 10-15 percent of shale gas reserves is generally recoverable.

Danny Alexander, the Chief Secretary to the Treasury, stated that “today’s news from the Geological Survey confirms 1,300 trillion cubic feet of (shale resources), which is double previous estimates.”

Fracking has come under some scrutiny by environmentalists and local communities who are worried that it could lead to earthquakes and contamination of ground water and drinking water supplies.

Related article: European Resistance to Gazprom is Futile

To try an appease local communities the government has said that companies must invest £100,000 in communities near to fracking wells, along with a further one percent of all revenues earned from each production site.

Energy Minister Michael Fallon, explained that “this will provide a welcome boost for communities who will host shale exploration and production as well as offering strong assurances that operators will engage with them and work to the highest health, safety and environmental standards.”

Britain’s shale industry is still very young and as it has not been determined whether any gas can be economically extracted, it may never actually grow to maturity.

By. James Burgess of Oilprice.com

?


Join the discussion | Back to homepage

Leave a comment

Leave a comment

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