U.K. Looks Again at Shale Gas in Push Toward Energy Security
(Bloomberg) -- Business Secretary Kwasi Kwarteng commissioned a geological report into the science of shale gas fracking, as the U.K. government tries to boost energy self-sufficiency in the wake of the Ukraine war.
Kwarteng wrote Tuesday to the British Geological requesting a report in three months' time on the modeling of seismic activity in shale rocks in the U.K. The letter, which was posted on the government's website, will add to speculation that the U.K. is preparing to reverse tack on fracking for gas.
The move comes with the government due to publish a new energy supply strategy on Thursday that aims to increase domestic energy production and reduce reliance on imports from Russia. The U.K. wants other nations to follow suit, depriving Vladimir Putin of funds for his invasion of Ukraine.
Fracking has been on pause in Britain since 2019 when a small earthquake were registered at Cuadrilla Resources Ltd.'s Preston New Road site near Blackpool. Officials last month withdrew the requirement for the company to concrete over three wells, giving it a one-year reprieve in which to prove the drilling technique is safe.
Britain's Failed Frackers Hope for Reprieve Due to Russia Crisis
Kwarteng's letter indicates the government is still far from convinced about the case for fracking. The reasons for the pause in fracking “have not gone away and to date we have not identified any new, compelling evidence that would support a reassessment of the current position,” he wrote.
In a separate statement, Kwarteng also pointed out that fracking would not solve price issues in the short-term, and that it would take “years of exploration and development before commercial quantities of gas could be produced for the market.”
The new study will be desk-based and not involve the drilling of any more test wells or any extra seismic monitoring, Kwarteng's department said.
©2022 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.