A shale gas energy boom in the UK? Fracking company IGas ups its estimate of gas reserves tenfold
Fracking company IGas today ramped up the estimate of its shale gas reserves in the North-West by more than 10 times.
Shares in the AIM-listed group jumped 16 per cent after the increase, from about nine trillion cubic feet to roughly 100 trillion cubic feet, which is expected to satisfy nearly seven years of the UK’s entire gas demand.
Chief executive Andrew Austin said the reserves were hugely significant, even though it would only be commercially and practically viable to extract a relatively small portion of this — about a fifth, according to analysts — implying about 20 trillion cubic feet.
With Britain’s total gas consumption coming in at about three trillion cubic feet a year, about half of which is imported, 20 trillion cubic feet equates to almost seven years of UK demand. Austin said: “The licences have a very significant shale gas resource with the potential to transform the company and materially benefit the communities in which we operate.
“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.”
IGas’ shares increased by 14.8p to 107.5p. The company has plans to begin drilling in the area later this year to get a more precise estimate of how much gas is contained in the rocks, and how much it can recover.
Shale gas is extracted using the controversial practice of fracking, or hydraulic fracturing, which releases the gas by blasting a mixture of sand, water and chemicals into the rock and has been linked to earth quakes and water pollution.
- 1 Edward Heath 'raped 12 year-old boy at Mayfair flat'
- 2 London is the most googled city in the world
- 3 Porn block in India: hundreds of sexual websites banned, internet outraged
- 4 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
- 5 Richard Dawkins ridicules Sabrina Corgatelli for claiming her giraffe kill was 'ethical'
Edward Heath 'raped 12 year-old boy at Mayfair flat'
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Gwen Stefani and Gavin Rossdale divorce: One of music industry’s most enduring couples announce split after 12 years of marriage
Dutch King Willem-Alexander declares the end of the welfare state
Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
iJobs Money & Business
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...