Telegraph: UK has shale gas reserves of £1.5 trillion, study to show
The UK has far greater reserves of shale gas than previously estimated, which could be worth as much as £1.5 trillion, a study to be published next year is expected to show.
The report by the British Geological Survey, commissioned by the Government, will show about a tenth of the shale reserves will be suitable for extraction.
The study is expected to influence the gas strategy due to be published by the Government later this month.
George Osborne, the Chancellor, offered his backing to the development of shale gas, alongside renewable energy, at the Conservative party conference last month.
"An enterprise strategy means investing in renewable energy and opening up the newly discovered shale gas reserves beneath our land," he said at the time, adding that the Government would consult on a “generous new tax regime” to encourage investment in shale gas production. MORE