Mere days after UK Chancellor George Osborne declared a major push for gas development, one of today’s big news items in the oil & gas industry is that the UK government has lifted a temporary moratorium on hydraulic fracturing. This ruling opens the way for unconventional natural gas exploration and development.
The moratorium on hydraulic fracturing ban was imposed during 2011 as the UK government decided it was warranted to look into certain events and a seismic report.
Today’s news is considered by many a turning point for the energy future of the UK as it additionally considers possible tax incentives designed to encourage shale gas development as well as creating an “Office for Unconventional Gas and Oil” which would streamline regulation (OGJ Online, Dec. 11, 2012).
Following is a link for the full article on the UK government’s lift of the ban on fracking.
To learn about the basics of hydraulic fracturing (often termed “fracing” or “fracking”, as well), please read the MSI articles ‘Shale 101 – Understanding The Basics” and “Shale 201 – Basic Fracking Facts.”