Britain ordered an expert report on shale gas fracking on April 5, saying all energy supply options should be on the table in light of soaring oil and gas prices exacerbated by the Russia's invasion of Ukraine.
"While it remains the case that shale gas extraction is not the solution to near-term price issues, it is right as a government—given the unprovoked invasion of Ukraine by Putin's regime—that we keep all possible energy generation and production methods on the table," business minister Kwasi Kwarteng said.
Britain, which imposed a moratorium on fracking in 2019, is set to publish a new energy strategy this week that is expected to contain plans to boost domestic energy supply in an effort to shield the country from surging global prices.
The fracking process, which involves extracting gas from rocks by breaking them up with water and chemicals at high pressure, is fiercely opposed by environmentalists who say it is at odds with Britain's commitment to reach net zero carbon emissions by 2050.
Kwarteng requested that the British Geological Survey submit the report to him before the end of June.
He said the current fracking pause in England would remain in place unless the latest scientific evidence demonstrated that shale gas extraction was safe, sustainable and of minimal disturbance to those living and working nearby.
Last week British fracking company Cuadrilla, which owns the country's only two viable shale gas wells, was given a year's extension to evaluate whether it could extract gas safely and provide an alternative energy supply.
Recommended Reading
Mexico Pacific Working with Financial Advisers to Secure Saguaro LNG I FID
2024-10-23 - Mexico Pacific is working with MUFG, Santander and JP Morgan to arrange the financing needed to support FID and the anchor phase of Saguaro Energía LNG.
Private Producers Find Dry Powder to Reload
2024-09-04 - An E&P consolidation trend took out many of the biggest private producers inside of two years, but banks, private equity and other lenders are ready to fund a new crop of self-starters in oil and gas.
Utica Oil E&P Infinity Natural Resources Latest to File for IPO
2024-10-05 - Utica Shale E&P Infinity Natural Resources has not yet set a price or disclosed the number of shares it intends to offer.
Woodside Reports Record Q3 Production, Narrows Guidance for 2024
2024-10-17 - Australia’s Woodside Energy reported record production of 577,000 boe/d in the third quarter of 2024, an 18% increase due to the start of the Sangomar project offshore Senegal. The Aussie company has narrowed its production guidance for 2024 as a result.
Investor Returns Keep Aethon IPO-ready
2024-10-08 - Haynesville producer Aethon Energy is focused on investor returns, additional bolt-on acquisitions and mainly staying “IPO ready,” the company’s Senior Vice President of Finance said Oct. 3 at Hart Energy’s Energy Capital Conference (ECC) in Dallas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.