UK Govt. to lift ban on shale gas exploration: report


UK Govt. to lift ban on shale gas exploration: report

The UK government is reportedly preparing to lift a ban on the controversial shale gas extraction method, called fracking, in a bid to boost production.

According to a report published recently by the Independent, Chancellor of the Exchequer George Osborne could announce the government’s decision to list the ban in his Autumn Statement this week. The paper added that Energy Secretary Ed Davey could also announce tax breaks for companies that perform fracking.

The government had banned the controversial method of fracking after it led to two small earthquakes close to Blackpool, Lancashire, in 2011.

The reported move will allow gas explorers to exploit more than 60 per cent of Britain's countryside for shale gas. The paper said, the government’s decision “will pave the way for a significant increase in shale gas exploration.”

Fracking, which is also called hydraulic fracturing, is a method of drilling into the underground shale rock formations by inserting chemicals and water to liberate natural gas trapped in the rocks.

While opponents criticize the method saying it causes water pollution, energy companies have long been pressing on the government to allow the use of the method arguing that it offers access to huge reserves of natural gas.


Latest News

Sources Say ABInBev will Possibly Raise SABMiller Bid to Around 43 to 44 Pounds
William Lewis
Weaker Dollar and Lower U.S Rig Count Help Oil Edge Up
Gold Gains as Investors do not See any Chance of US Rate Hike Immediately
Contract Fees is the Key Reason for Tegna and Dish Spat
A Rise in the Medicare Premiums Could Mean Huge Increase for some and Opportunit
Organization for Economic Co-operation and Development
New Twitter CEO Expected to Cut Costs and Bring Changes
Deutsche Bank Q3 Loss may be a Record One in a Decade
Volkswagen Scandal Worries the City of Wolfsburg
Strong Component Sale and Weak Won help Samsung’s Third Quarter Profits
Is the U.S. Shale Oil Boom Heading Towards the Beginning of Its End?