City AM: Shale find fuels hope of UK boom
THE UK’s shale gas industry was given a huge boost yesterday after one exploration firm massively lifted its estimate of the amount of untapped gas resources in the north of England.
Initial studies by IGas – one of the few companies with permission to explore UK shale reserves – have shown that reserves in its sites in the Bowland exploration area could hold up to 172.3 trillion cubic feet of shale gas – nearly 20 times higher than previous estimates.
Around 10 to 20 per cent of shale gas resources found are recoverable on average. “Our estimates for our area alone could mean that the UK would not have to import gas for a period of 10 to 15 years,” chief executive Andrew Austin told the BBC.