UK Begins Bidding for Fracking Licenses Today

Grasmere Village, Lake District, Cumbria, England, UK

Grasmere Village, Lake District, Cumbria, England, UK

The U.K is set to begin, the bidding process today, for the next set onshore oil and gas exploration licenses, including shale gas, a solution is viewed as a less expensive and more secure energy source. The details for the bidding are yet to be set out by the Department of Energy and Climate Change. Although, it has been comfirmed that a large portion of the U.K. will be open for bidding offers, however the regions thought to be shale gas prospects are more diminutive, and are as of now half-secured by licenses.

“Shale gas in Britain has the potential to provide us with greater energy security, jobs and growth,” Business and Energy Minister Matt Hancock said in an e-mailed statement. “We must act carefully, minimizing risks, to explore how much of our large resource can be recovered to give the U.K. a new home-grown source of energy.”

UK government is putting forth tax reductions to drillers, and has vowed to simplify planning regulations in order to permit organizations to start shale extraction at a speedier pace. A region in northern England known as the Bowland basin may hold 1,300 trillion cubic feet of gas, enough to supply the nation for a century, regardless of the possibility that only 10 percent is extorted. Officials believe that fracking will make a real commitment to the country’s future energy prerequisites and are resolved to see it proceed notwithstanding the gigantic challenges it frequently incites.

The government is hoping to calm environmentalist fears, and has hence; drawn the guidelines for energy companies wanting to frack in Areas of Outstanding Natural Beauty, World Heritage sites, National Parks, or on the Norfolk Broads. The applications will be reviewed by Communities Secretary, Eric Pickles. “It is clear that applications should be refused in these areas other than in exceptional circumstances and in the public interest,” reads the announcement that came along with the guidelines posted online.

The Business and Energy Secretary, Matthew Hancock, who is will inaugurate the bidding process today, guaranteed that the Government’s direction is solid enough to secure landscapes from industrial damage. He states, “Unlocking shale gas in Britain has the potential to provide us with greater energy security, jobs and growth. We must act carefully, minimising risks, to explore how much of our large resource can be recovered to give the UK a new home-grown source of energy. As one of the cleanest fossil fuels, shale gas can be a key part of the UK’s answer to climate change and a bridge to a much greener future.”

Lord Ahmad of Wimbledon, the Communities minister accountable for protecting regions of outstanding beauty, included: “We recognize there are areas of outstanding landscape and scenic beauty where the environmental and heritage qualities need to be carefully balanced against the benefits of oil and gas from unconventional hydrocarbons.”

Against the possibility of lower energy costs, government ministers must consider the disagreeability of shale extraction. Hydraulic cracking, which pumps water, sand and chemicals at high pressure to release fuel trapped in underground shale rock, may cause water deficiencies in parts of the nation and leading to a drop in house prices, as per a report not long from now by Scientists for Global Responsibility and the Chartered Institute of Environmental Health.

 

Carrie Ann
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook

Recent Posts

Scammers dupe Apple fans with free bitcoin lure

Scammers dupe Apple fans with free bitcoin lure

Savvy scammers used a fake event stream, a fake Apple website, and the promise of free bitcoin to lure fans into opening up their wallets.
15 hours ago
Japan’s MUFG offloads Union Bank to U.S. Bancorp for $7.3 billion

Japan’s MUFG offloads Union Bank to U.S. Bancorp for $7.3 billion

The total amount of cash to be received as part of MUFG Union Bank’s sale to Bancorp is $7.3 billion (800 billion yen).
2 days ago
Evergrande: A black swan event that could spook markets

Evergrande: A black swan event that could spook markets

EverGrande is now known as the “world’s most indebted property developer” and serves as a symbol of corporate excess.
3 days ago
Moderna vaccine more effective than Pfizer, study says

Moderna vaccine more effective than Pfizer, study says

Moderna’s Covid-19 vaccine does a slightly better job of preventing coronavirus-related hospitalizations and emergency department visits.
4 days ago
iPhone 13 and iPhone 13 Pro: Specifications, Release Date, Features and much more

iPhone 13 and iPhone 13 Pro: Specifications, Release Date, Features and much more

Apple iPhone 13 Pro and iPhone 13 Pro Max can be a hit with its ever new technology A15 Bionic chip and other cool profound features.
6 days ago
Total signs $27 billion energy deal to fund 1-gigawatt solar power plant

Total signs $27 billion energy deal to fund 1-gigawatt solar power plant

The French oil major, Total, has signed a $27 billion deal to fund a 1-gigawatt solar power plant, and boost oil and gas production in the Middle-East region.
6 days ago