The potential for shale well production is almost double the original reported amount, according to a new forecast from a UK oil and gas trade body.
United Kingdom Onshore Oil and Gas’s (UKOOG) new shale gas forecast now places shale gas production at 5.5 billion cubic feet (BCF), as opposed to the original estimate of 3.2 bcf in 2013.
The UKOOG claim this 72% increase in well production could see the generation of 64,000 jobs, £33bn in “supply chain benefits” and £1.8m spent locally through community and council benefits.
The trade body also claims that 60 sites could reduce UK import dependency by 50%
The previous report concerning the sector was conducted by the UKOOG more than five years ago.
Ken Cronin, chief executive of UKOOG, described the new report as a “significant upgrade”.
He said: “Given these new projections, it now makes absolutely no sense to ignore our huge resource of homegrown gas.
“I am delighted by the way the industry has stepped up in delivering on the potential highlighted in 2013, and in fact there is a bigger opportunity.
“The reduction in drilling times has shown that the commercial prospects for the industry are growing in strength.”
The report used results from Cuadrilla’s Preston New Road site in Lancashire and from samples from the Tinker Lane site in Nottingham.