LONDON, December 10, 2012 /PRNewswire/ --
Cuadrilla welcomes the findings contained within the recently published "Pöyry Point of View: How will Lancashire shale gas impact the GB energy market?", an independent report by global consulting and engineering company Pöyry.
The report notes the growing gas import dependency in Great Britain. The country used to be self-sufficient in gas and in fact exported it, producing a peak of 115bcm in 2000. Since then, gas imports have increased to such an extent that they made up 66 per cent of UK gas demand in 2011 and are forecast to rise to 79 per cent in 2030.
The report investigated what the impact would be from a significant development of shale gas in Lancashire and is hugely instructive in its long-term forecast of the broader benefits of such shale gas development for the nation as a whole. Significantly, the authors see Lancashire shale deposits having the potential to supply approximately twenty per cent of the UK's gas demand by 2030, releasing around £3.3 billion per annum that would no longer be spent on imported gas.
According to Pöyry, Lancashire shale gas production could also reduce the country's wholesale gas and electricity costs by as much as four per cent between 2014 and 2035, which corresponds to an average saving of £810 million/year.
In addition, the report notes that development of shale gas can progress in parallel with achieving the UK's 2020 Renewable target, as long as the Government continues to provide the expected support for green energy. In addition, Lancashire shale gas actually leads to a small decrease in future power generation carbon emissions.
"The potential benefits are large, but they will remain just a potential if we don't explore this resource," said Francis Egan, Cuadrilla's chief executive. Cuadrilla is waiting for approval to complete testing at a small number of their wells, having cooperated with regulators and put in place a number of jointly developed initiatives to ensure that work progresses in a safe and sensible fashion.
Mr Egan said: "Without shale gas, Great Britain is projected to become 60% dependent upon LNG imports. Developing our own gas resources can provide cheaper energy to hard pressed consumers and be compatible with the transition to a low carbon economy."
A copy of Pöyry's report can be found here:
Notes to editors
Cuadrilla Resources uses proven, safe technologies to explore for and recover natural gas reserves in the UK and Europe.
Based in Lichfield in Staffordshire, Cuadrilla aims to be a model company for unconventional exploration in the UK, Holland, Hungary and Poland. It is acutely aware of the responsibilities this brings, particularly with regard to safety, environmental protection and working with local communities.
For more information, please visit http://www.cuadrillaresources.com
SOURCE Cuadrilla Resources