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Fracking firm ready to press on with extraction | Fracking firm ready to press on with extraction |
(about 5 hours later) | |
The head of a company involved in fracking has said it is ready to press on quickly with production if a UK ban on the technique is lifted. | The head of a company involved in fracking has said it is ready to press on quickly with production if a UK ban on the technique is lifted. |
Cuadrilla Resources chief executive Francis Egan told the Sunday Telegraph that the development of gas resources in the UK was an economic necessity. | Cuadrilla Resources chief executive Francis Egan told the Sunday Telegraph that the development of gas resources in the UK was an economic necessity. |
A government review has concluded that fracking - extracting shale gas - is safe if adequately monitored. | A government review has concluded that fracking - extracting shale gas - is safe if adequately monitored. |
Mr Egan warned his company may "walk away" if the ban is not lifted soon. | Mr Egan warned his company may "walk away" if the ban is not lifted soon. |
Fracking is a controversial process that involves pumping water and chemicals into shale rock at high pressure to extract gas. | Fracking is a controversial process that involves pumping water and chemicals into shale rock at high pressure to extract gas. |
'New industry' | 'New industry' |
It was temporarily banned in the UK after it was blamed for two earth tremors in Blackpool in 2011. | It was temporarily banned in the UK after it was blamed for two earth tremors in Blackpool in 2011. |
Cuadrilla has four exploration drilling sites in Lancashire - three on the Fylde at Westby, Singleton and Weeton and one at Banks in West Lancashire. | |
Mr Egan said Cuadrilla believed it could be producing shale gas in the UK by March next year. | Mr Egan said Cuadrilla believed it could be producing shale gas in the UK by March next year. |
"We are starting a whole new onshore gas industry. In our licence alone we can supply a quarter of the UK's gas demand," he said. | "We are starting a whole new onshore gas industry. In our licence alone we can supply a quarter of the UK's gas demand," he said. |
Fracking is widely used in the US and supporters of the process have said it could have significant benefits for energy policy in the UK. | Fracking is widely used in the US and supporters of the process have said it could have significant benefits for energy policy in the UK. |
It has been reported that Energy Secretary Ed Davey will soon end the moratorium on the process, while Chancellor George Osborne has said he is considering tax incentives for the industry. | It has been reported that Energy Secretary Ed Davey will soon end the moratorium on the process, while Chancellor George Osborne has said he is considering tax incentives for the industry. |
It is believed he may provide further details in his Autumn Statement on Wednesday. | It is believed he may provide further details in his Autumn Statement on Wednesday. |
'Patience not infinite' | 'Patience not infinite' |
But Mr Egan indicated that his company was not prepared to wait for ever for the go-ahead. | But Mr Egan indicated that his company was not prepared to wait for ever for the go-ahead. |
"Britain is spending tens of billions of pounds importing gas," he said, adding: "We have proven that there is [shale] gas and that it will flow. | "Britain is spending tens of billions of pounds importing gas," he said, adding: "We have proven that there is [shale] gas and that it will flow. |
"In the three years we have been doing tests, they have drilled 60,000 wells in the US. We don't have infinite patience and our investors don't have infinite patience." | "In the three years we have been doing tests, they have drilled 60,000 wells in the US. We don't have infinite patience and our investors don't have infinite patience." |
On Saturday, the Department of Energy and Climate Change dismissed an Independent report that said 60% of the UK countryside could be used for fracking, describing the figure as "nonsense". | On Saturday, the Department of Energy and Climate Change dismissed an Independent report that said 60% of the UK countryside could be used for fracking, describing the figure as "nonsense". |
Opponents have said fracking is a dangerous process that threatens to pollute water supplies. | Opponents have said fracking is a dangerous process that threatens to pollute water supplies. |
About 300 people held an anti-fracking protest outside Parliament on Saturday. | About 300 people held an anti-fracking protest outside Parliament on Saturday. |