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HomeEconomyBritain has found a way to stock up on gas

Britain has found a way to stock up on gas

Date: October 2, 2022 Time: 19:17:39

UK lifts moratorium on shale gas production

The UK has found a way to stock up on gas: the country has lifted the moratorium on shale gas production through fracking, which has been in place since 2019, writes Reuters. The authorities considered that strengthening the energy security of the state is an absolute priority.

The British government said lifting the ban would allow shale gas drilling to resume and gather more data on how to extract it safely. According to the Minister for Business and Energy, Jacob Rees-Mogg, it is necessary to explore all the sources that can be used to increase domestic energy production.

Hydraulic fracturing, or fracking, is a method of extracting oil and gas, which consists of creating a fissure in the reservoir (rock mass). Local environmental activists and Britons living near the wells opposed the implementation of such activities in the UK due to the threat of earthquakes. As a result, the British industry regulator banned fracking.

The local company Cuadrilla, which is developing two wells, responded positively to the government’s decision, saying it intends to return part of the revenue from shale gas production to the local population. “Lift the moratorium [на добычу сланцевого газа] it will help the UK shale industry produce enough natural gas onshore to meet the country’s needs for decades to come,” said Cuadrilla CEO Francis Egan.

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At the same time, experts note that the decision of the authorities will not help to reduce energy prices in the coming winter, since the industry will take many years to develop and it is not yet known whether it will be able to provide the British with a significant amount. Of gas. “Even if the risks prove manageable and acceptable, shale gas will only have a significant impact on the UK’s energy supply if thousands of wells are successfully drilled over the next decade,” said Andrew Aplin, a professor at the University of Durham.

Declaring her intention to lift the moratorium on fracking oil and gas production, British Prime Minister Liz Truss called the country’s shale gas deposits enormous. She promised to make sure the state could use its own resources in the spring. The UK is also trying to stock up on gas by increasing imports: the country wants to conclude an agreement on the supply of liquefied natural gas (LNG) from the United States for up to 20 years. It should be noted that the UK government task force is already sending requests to LNG exporters regarding offers to supply domestic buyers under long-term contracts.

Source: lenta.ru

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