Is this North Sea oil and gas – part 2, or will British politicians shy away from the wealth under our feet, citing nebulous climate theories that don’t work in the real world?
Huw Jenkins of Shale Energy Insider reports:
Following reports that the Jurassic Kimmeridge formation in England could contain more oil than Saudi Arabia’s Ghawar – the world’s largest oil reserve – the conversation about oil and gas drilling in England is heating up, once again.
Chris Faulkner, CEO of Breitling Energy Corporation based in Dallas, Texas, known by the media as the ‘Frack Master’, thinks that the reports are a “game changer” for England and that shale exploration will still be viable in the UK, despite oil and gas prices.
“We knew about this potential long before it became news and now UKOG has proven what the geology showed. This is actually an extension of the same formation that was being extracted in the North Sea. It just comes on land, and ironically is not far from Gatwick Airport,” Faulkner said.
“This is a game changer for England, and they will now have to shift their entire focus on how to approach oil and gas production. There’s too much at stake now for them not to,” he added.
“Shale oil gas will take some time to bring online, but this is a long-term investment and prices will always fluctuate up and down. Now the UK can gain independence from foreign supplies by developing this massive resource under its own soil.”
According to Faulkner, the two biggest obstacles to shale in the UK are growing public opposition and complex planning regulations.