North-West of UK stands to win £10 billion shale investment

Investment
Source: DollarPhotoClub

A report published today by IGas and Peel Environmental reckons that Greater Manchester could become a fracking ‘centre of excellence’ with 3,500 jobs and £466m generated per year, over 20 years – Manchester Evening News reported today.

In total, IGas believes five trillion cubic feet of shale gas sits under the north west – termed the ‘Ocean Gateway’ area – which comprises Wirral, Liverpool, Cheshire and Greater Manchester. The area has the potential to be one of the main fracking sites in the UK with the estimated £10bn investment opportunity.

IGas chief operating officer John Blaymires said: “The findings of this report highlight the Ocean Gateway region is sitting on a potential £10bn investment opportunity.

“We’re looking to develop the capacity from within the region to meet the supply chain requirements so that as many local people and firms as possible benefit from our capital investment.”

Myles Kitcher, managing director of Peel Environmental, said: “The North West stands to benefit hugely from the emerging shale gas industry in the UK, not only in terms of energy security but also inward investment.

“We have a proud history of engineering and industry in the region and shale gas development could create over 3,500 new jobs and develop skills for generations to come.

“This report highlights how expansion of the industry could provide a catalyst for the North West, increasing business competitiveness and driving growth.”

The report acknowledges that there may be a shortage of qualified workers in the area to work in the industry, but believes that skills to enter the industry could be taught at the region’s colleges.

“Over time local companies will be able to export those skills nationally and ultimately abroad as other nations follow Britain’s lead in developing a safe and sustainable industry” John Blaymires said.

The report’s figures are based on 300 wells being drilled in the region between 2017 and 2031.

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