UK shale gas exploration and production could generate a GBP33 billion ($55 billion) investment boom, according to a report published by the UK shale lobby group UK Onshore Operators Group.
Drafted by EY -- formerly Ernst & Young -- the study states that the development of shale gas in the UK could generate GBP33 billion of spending, create up to 64,000 new jobs, associated skills growth and significant supply chain opportunities, supporting the numbers released in May 2013 by the Institute of Directors.
The report -- Getting ready for UK shale gas; supply chain and skills requirements and opportunities -- was part funded by the UK government's Department for Business, Innovation and Skills.
Commenting on the report, Marcus Pepperell, a spokesman for Shale Gas Europe said: "Europe needs innovative solutions to its growing energy requirements to remain competitive, stimulate economic recovery and drive growth. UKOOG's report provides further insight to the significant business opportunities that the development of a new onshore gas industry could bring to the UK economy.
"Shale Gas Europe has consistently called for more clarification on the potential benefits that may be created by the development of a sustainable, affordable, secure and reliable supply to power Europe forward as it meets its domestic and business energy needs. The possibility of generating such significant opportunities is an important consideration for all key decision makers as they look to meet our future energy challenges."
The UK government is planning to allow fracking under people's homes, so that such activities happening a long way under private property do not constitute trespass. Other infrastructure-related activities are already exempt from the law of trespass in the UK, despite typically occurring a lot nearer the surface than fracking.
The ongoing situation in Ukraine has alerted European politicians to the political risk of sourcing gas from Russia, while the US shale gas boom has encouraged the idea that other countries may become self-sufficient in gas.