House of Lords report on shale gas - EY comments
8 May 2014
Chris Lewis, Partner, EY Advisory services said:
“Today’s report outlines the benefits from shale gas to the UK’s economy and future energy security, but points to the urgent need for Government and industry to work together. Putting a good launch pad in place so that the UK is ready to push the green button and start exploring shale gas reserves should be on top of our priority list. This is how we can ensure that the billions of pounds currently spent on gas imports turn into revenues for local communities.
“Developing a shale gas industry in the UK has the potential to inject £33bn worth of investment into the economy and create over 64,000 new jobs. However, the lack of a clear framework standardising and simplifying the approach towards shale gas exploration is making it difficult for investors and developers to see where they fit in. In the US, where the supply chain requirements are well established, it takes three weeks to go from planning to drilling. Setting clear and detailed standards for UK developers will not only help speed up the process, but more importantly, help maintain high standards.
“The UK has proven capability of delivering a commercially viable energy landscape that is attractive to investors. Everyone involved in gearing up for UK shale gas needs to act now to maintain that advantage.”