The Prime Minister has argued that lifting the moratorium slapped down on fracking in 2019 could see developers request planning permission and get gas flowing in as soon as six months. And already, one firm INEOS, is renewing an offer to drill a shale gas test well in Britain.
The director of the firm, which is the largest chemicals and energy company in the world, has said it can drill for shale gas in the UK “safely and without harm to the environment”.
Tom Crotty said: “We are renewing our offer to the Government to drill a shale gas test well in the UK. We believe we can prove we can do it safely and without harm to the environment.”
He continued: “Shale has helped transform the energy landscape and the local communities in the US. The US is well protected against the energy crisis as it is making the most of its natural resources.”
“It can do the same here in the UK. We have promised to invest the first 6 percent of the value of the gas back into the local communities. It goes without saying that the Government would also have an increased tax take.”
This comes amid a crippling energy crisis, largely sparked by the soaring cost of gas on the international market, with prices sent flying by Russia’s war in Ukraine and Vladimir Putin’s gas cuts.
While Britain only got four percent of its gas from Russia last year, the integrated nature of the market has exposed Britain’s vulnerability to the volatile price fluctuations associated with buying foreign gas.
And INEOS argues that if Britain sources its own gas, it would slash the need to purchase the energy source from foreign suppliers, shielding customers who feel the knock on impacts of the spiralling costs.
Mr Crotty continued: “INEOS has proved it is committed to the Energy Transition through major investments in Hydrogen and Carbon Capture & Storage, however we and the industry know that gas is and must be part of that transition.
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