Cuadrilla looks to results ‘as soon as possible’ from hydraulic fracturing

Cuadrilla Resources Ltd said it aimed to work with the Government to generate results as soon as possible from hydraulic fracturing in England.

MORATORIUM

The company’s issued its statement following Prime Minister Liz Truss’s announcement lifting the moratorium on hydraulic fracturing with production ‘as soon as six months’.

The ban, introduced in November 2019, followed reported earthquakes at the company’s operations at Preston New Road on the border with Blackpool in Lancashire.

IMPORTS

Chief executive Francis Egan today said that the Government’s decision would maximise the UK’s domestic energy supply to overcome the current energy crisis and reduce the risk of its reoccurence in the future.

“The last few months have highlighted the risks associated with ever increasing reliance on expensive, uncertain, and higher emission gas imports.

“Without the strong measures set out today, the UK was set to import over two thirds of its gas by the end of the decade, exposing the British public and businesses to further risk of supply shortage and price hikes down the line.”

SELF-SUFFICIENCY

He added that the UK’s transition to net zero would require the continued use of gas until at least 2050.

“Today’s announcement sets the foundation for us to move towards gas self-sufficiency, and not be reliant on the whims of dictators, or the vagaries of international supply lines and prices.

“A thriving shale gas industry will drive job creation across the North of England, generate much needed tax revenues for central and local government, and benefit local communities financially.

“The Government has made the right call, and we look forward to working with them to ensure this industry can start generating results as soon as possible. 

“The prize if we get this right will be an energy strategy fit for the 21st century, that provides security of supply, economic prosperity, and vital support to the British public.”