On 21 September 2012, the IoD published a report, Britain’s Shale Gas Potential,1 which concluded that shale gas has the potential to create jobs, generate tax revenues, reduce imports, accelerate the move away from coal and support the growth of renewables. Although exploration is still at an early phase, the UK has substantial quantities of shale gas in place that have the potential to support the creation of an important new industry in parts of the country that need it most. The report also detailed the results of a survey of over 1,000 IoD members, which found that businesses are in favour of careful, well-regulated shale gas development in the UK.
On 13 December 2012, the Government lifted the temporary moratorium on exploratory hydraulic fracturing, the technique used for extracting shale gas, and announced new seismic controls.
Following the lifting of the moratorium, the IoD has studied in detail how a new shale gas industry could develop. This report, which has been sponsored by Cuadrilla Resources Ltd, examines the history of comparable developments; the economic potential of a UK shale gas industry, focusing on Lancashire as an example of a part of the UK that could gain substantially; and the main barriers to its establishment and growth. It also investigates the partnerships that will need to be set up between the industry, its supply chain, local and national government, education and training institutions, and communities to ensure that local businesses, and local people, benefit from exploration and production.
To see the full report, click here: Infrastructure for Business: Getting Shale Gas Working