Oil Voice commentary11 May 2015 10:01
Well done David!
Cameron's 2014 commitment to go 'all out for shale gas' may have been a controversial one, but now he has secured power this could be huge news for the oil and gas industry in the UK. Estimates suggest up to £6 billion of shale gas annually could be produced in Lancashire for the next three decades.
The operator of the recent Horse Hill discovery has insisted there are no plans to frack the area. Many believe they are playing down the necessity and fracking may be inevitable, and some areas of the discovery will 'certainly' require fracking to be of any potential commercial interest.
The Infrastructure Act, passed earlier this year, has made it easier for fracking operators to get the go ahead but Cuadrilla have faced a delay in decisions over their application to frack in Lancashire twice already, with the final decision now due in June. Cameron yesterday ruled out a 'dash' for fracking in the UK, and was quoted as saying that recovering unconventional gas will only go ahead with stringent environmental safeguards. There are concerns that going ahead with fracking could see the UK far exceeding its carbon budgets.
Fans and protestors of fracking alike will be keeping a close eye on what happens next following Prime Minister David Cameron's promises to continue the support for the safe development of shale gas.