Shale Gas Reserves 'Far Bigger Than Thought'

Written By Unknown on Kamis, 27 Juni 2013 | 16.02

Britain's reserves of shale gas are much larger than previously thought, it has emerged as the Government is due to announce major investment in extracting the energy source.

New geological data from the British Geological Survey shows much more shale gas could be extracted from under the UK - as much as double earlier estimates at one site.

There is now thought to be as much as 1,300 trillion cubic feet at the Bowland site in Lancashire.

The findings are expected to be highlighted by Treasury Chief Secretary Danny Alexander when he announces a £100bn Government infrastructure package aimed at kick-starting sluggish economic growth later.

Tax breaks and fast-track permits for controversial shale gas exploration will be at the centre of the announcement.

Danny Alexander Danny Alexander is unveiling the controversial measures

Exploiting the natural resource is highly controversial as critics say the process of fracking - fracturing rock with high-pressure liquid to release the gas - can cause earthquakes, pollute water supplies, blight the countryside and affect house prices.

But ministers believe the experience of the United States shows it could boost tax revenues, create jobs, reduce energy imports and drive down household bills.

Setting out details of the latest round of capital spending in a Commons statement, Mr Alexander is expected to tell MPs the Treasury will now move quickly - consulting on a tax break and publishing detailed planning guidance within the next three weeks.

It could pave that way for the Environment Agency to offer permits for fracking projects more quickly and to set them to defined timetables in a further bid to encourage firms to invest.

There will also be protection offered for communities affected - with each receiving at least £100,000 in benefits for each well and no less than 1% of the overall revenues.

The statement by the Lib Dem Chief Secretary to the Treasury comes a day after Chancellor George Osborne announced plans to slice a further £11.5bn off other Whitehall spending in 2015/16 - as poor growth forced him to extend austerity measures beyond the next general election.

George Osborne spending cuts George Osborne delivering his spending review to MPs in the Commons

In an interview with Sky News ahead of Mr Alexander's statement, Mr Osborne said that it was essential for Britain to make the most of its natural energy resources.

He said: "We want cheaper energy. We have gas under the ground in this country and we have a way of getting it out.

"This country can't be left behind by the rest of the world. Just saying no to a gas revolution that is taking place in places like the US and China would be a massive mistake."

But Labour's shadow energy minister Tom Greatrex said the fracking move was premature.

"Announcing community benefits and tax breaks before we know how much shale gas is actually recoverable, or before anyone even has a licence to extract it, looks like a desperate attempt to draw attention away from the Government's cuts to infrastructure investment in the spending review and its abject failure to get the economy growing," he said.

The Government's latest infrastructure investment also includes funds for projects such as new road and rail capacity, science facilities and nuclear power stations.


Anda sedang membaca artikel tentang

Shale Gas Reserves 'Far Bigger Than Thought'

Dengan url

http://rumputbirukuning.blogspot.com/2013/06/shale-gas-reserves-far-bigger-than.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Shale Gas Reserves 'Far Bigger Than Thought'

namun jangan lupa untuk meletakkan link

Shale Gas Reserves 'Far Bigger Than Thought'

sebagai sumbernya

0 komentar:

Posting Komentar

techieblogger.com Techie Blogger Techie Blogger