To date, opposition to hydraulic fracturing (โfrackingโ) for unconventional oil and gas in the United Kingdom (UK) has been fierce. The opposition, though, seems to be meeting deaf ears in England, according to recent newsย reports.ย
Bloombergย reported on Dec. 4 that England’s Energy Secretary, Ed Davey, wants to lift the country’s currently exisiting moratorium on fracking. The halt was put in place after drilling sites owned by Cuadrilla Resources caused two minor earthquakes in northwestern England in Novemberย 2011.
England’s Chancellor of the Exchequer (a position equivalent to the Secretary of the Treasury in the United States), George Osborne, is set to release Britain’s new energy plan on Dec. 5 and toldย Bloombergย he wants to ensure โBritain is not left behindโ in the unconventional oil and gasย boom.ย ย
โCuadrilla estimates that the area it is exploring in Lancashire, in northwestern England, could contain 200 trillion cubic feet of gasโmore gas than all of Iraq,โ explainedย Bloomberg. John Browne, the scandal-ridden former CEO of BP, sits as the Chairman of the Board of Directors ofย Cuadrilla.ย
Osborne, The Independentย recently reported,ย will also offer tax breaks to oil and gas corporations hungry to profit from England’s shale gasย prize.ย
โMr. Osborne hopes that tax breaks for shale gas extraction will encourage investors and help economic growth,โ The Indepedentย wrote.ย โOil and gas are currently taxed at between 62 per cent and 81 per cent. Shale gas would be taxed at lowerย rates.โ
An astoundingย 64-percent of the English countrysideย could soon be subject to fracking, which is over 34,000 square miles, according to The Independent.ย
Fracking in Ireland on Hold Forย Now
England’s neighbor to the west, Ireland, also sits on massive reserves of unconventional oil and gas yet to beย tapped.
A recent independent assessment, according toย The Financial Times,ย estimates Ireland’s stockpile of shale gas at up to 13 trillion cubic feet of technically recoverable gas. The Marcellus Shale, by comparison, which sits predominantly in Pennsylvania and New York, has 84 TCF of shale gas according to the most recent estimates by the United States Geological Survey (USGS).ย
Estimates of technically recoverable shale gas have proven controversial in the United States, though, with critics such as Bill Powers, Art Berman, Deborah Rogers, and Food and Water Watch all saying actual production rates have proven far lower than the estimations on what’s technically feasible. This ongoing trend, these critics say, portends the bursting of the โshale gas bubbleโ akin to the bursting of the โhousing bubbleโ inย 2008.
Ireland’s Environmental Protection Agency is set to publish a report on the potential ecological risks of fracking in the country by 2014 and until then, the Irish ban on fracking will remain inย place.ย
The question still remains: Is there as much gas under the ground in The Emerald Isle as the industry currently boasts of? The answer: Notย likely.ย
Image Credit: Shutterstock | DT10
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