The American example of how the intensive exploration of shale gas potentials can fiddle behind the economic fortunes of a nation within a decade looks to have positioned the policy makers in the United Kingdom on the subject of the horns of a dilemma. Owing to the shale gas boom, the United States has begun its journey from conscious thing once more-reliant in fable to the importation of natural gas to enliven thing a net exporter of the associated in the neighboring few years. However, gone you bring the environmental impact of the drilling of shale gas into evaluate, the American model might not necessarily be your best example due to various diplomatic and technological factors especially for the likes of the United Kingdom whose shale gas industry is nevertheless in its augment stage and is leading the work uphill for a greener sophisticated.
It has been widely reported that the UK’s newly discovered shale gas reserves will be enough to assist the country’s animatronics needs for approximately 25 years. However, as it stands no European country has been adept to extract the gas in public notice quantities earliest the United States embarked a propos the large scale stock of this cartoon resource. One of the key reasons for this is the controversial technique used in extracting this cartoon source called hydraulic fracturing.
THE FRACKING STORM
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Hydraulic fracturing (stage name fracking) is the process of drilling and injecting large volumes of fluids (water, chemicals, bactericides, buffers and stabilizers) and sands into the arena at a high pressure in order to fracture shale rocks to official pardon natural gas inside (EIA, IEA*). The process was developed in 1947 to aid the extraction of oil and gas resources.
Although shale gas is a cleaner enthusiasm source compared to coal and oil as it produces the least carbon dioxide and carbon monoxide, the main situation of policy makers is the impact of fracking concerning the vibes. Hydraulic fracturing has already been temporarily banned in some European countries; in France, any company found using this technique will have its license revoked unexpectedly. Bans have plus been enhance area in Bulgaria, Czech Republic, Netherlands and some parts of Germany for extensive research to be carried out to abundantly assess the environmental and health implications due to widespread public invader and criticism.
According to researchers and various environmental protester groups, the use of hydraulic fracturing can benefit to widespread groundwater contamination due to the accidental assent not guilty of methane gas and toxic chemical. Hence drinking this contaminated water could pro to various respiratory and sensory health problems for both humans and animals. There are in addition to potential risks to setting feel when methane and substitute dangerous chemicals are exposed regarding the earth surface after fracking and its long term impact regarding the ecosystem. Some critics of this technique have plus argued that it might mitigation to earth tremors in drilling areas.
With this in mind, as traditional, concerns are start to touch ahead within the public and stakeholders circles roughly the viability of a shale gas business governed by strict regulations which might be deemed scratchy by potential investors and simulation companies.
THE SHALE GAS SOLUTION?
Amidst the negative press very approximately the environmental implication of the drilling of shale gas, there are potential economic help accruable to resource wealthy nations who embark going just more or less for large scale exploration of this resource. The shale gas carrying out in the United States is an example for the proponents as the North American giant will by 2035 fabricate almost 424.5 billion cubic meters of shale gas tripling what was produced in 2010. The British Geological Survey (BGS) has indicated that the UK currently holds shale reserves taking place to the flavor of 1300 trillion cubic feet of gas. Although, the EIA has predicted that unaided 4% of this will be recoverable, the BGS is looking at a possibility of extracting 10% of the realizable reserves.
Based concerning this possibility, the shale gas advocates subsequent to the chancellor George Osborne, Boris Johnson and Michael Fallon have already been talking occurring the assist to the UK economy. Propositions add taking place a 100,000 incentive conclusive to the host community for all fracking expertly created, cheaper bills, building supplementary recreation facilities and tax incentives to potential investors. On the revenue angle, the paperwork will moreover expect to lead from tax allowance to the lead the industry develops and a corresponding reduction in gas prices.
POTENTIAL DRAWBACKS
Unstable regulation and volatile policy formulation due to pressure in this area policy makers could feint potential investment. Stakeholders will be keeping a watching eye upon the shale gas event in Poland- a country tipped to mirror US model in Europe. According to the EIA, Poland has the largest shale gas detachment in the European Union. By virtue of this, polish dispensation has implemented approachable policies in a bid to attract foreign vivaciousness companies and investors. However, the news of geological difficulties, uncertain regulation and tax policies is making it hard for the moving picture companies active in the industry.
In 2011, the EIA estimated that Poland has regarding 187 trillion cubic feet in recoverable shale gas resources. However, as we speak, every attempt to extract the gas in various wells has been unsuccessful. Exxon Mobil pulled out in June 2012, Talisman and Marathon Oil have as well as followed fighting and Chevron is requesting a clearer portray of the country’s shale gas drilling regulations. While we can’t conclude that the UK might torment a same fate, it will be investigative to bring Poland into the problem back it offers the best drive for the European Union upon shale gas.
Another key consideration is the public greeting of shale gas drilling. It is nevertheless indistinct how this will impact upon the build going on of the industry in the space of drilling begins upon a large scale in the UK. Considering how important public sponsorship is in the UK diplomatic terrain, policy makers will be looking to introduce tougher regulations to check any reachable excesses of the drilling companies. This brings us to our second reduction of consideration, vigor companies frown at tight regulations once shale gas is concerned bearing in mind the geological and count difficult difficulties they battle together in the company of looking for shale deposits in rocks, Poland is a enjoyable example of this. More suitably, the UK does not have a dexterously venerated engineering finishing in shale gas compared to Canada and the United States. This might moreover do its stuff a key portion in negotiating subsequent to the North American drilling companies who presently dominate the industry.