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According to recent claims by experts, the UK黑料社檚 total offshore shale reserves could exceed 1000 trillion ft³, a figure five times the estimate for onshore reserves. Reserves of just 200 trillion ft³ would place the UK somewhere in the top 20 countries with the largest shale reserves, the revised figure would see the UK rise straight to the forefront of that list with an estimated supply similar to that of China or the USA.

Although the exact amount of the shale reserves that are actually recoverable is uncertain, many experts agree that the figure is highly likely to be enough to render the UK energy self-sufficient.

Melvyn Giles, Shell黑料社檚 head of unconventional gas and light tight oil, speaking about Europe黑料社檚 potential shale resources, said, 黑料社淲e have potentially huge volumes present in the subsurface 黑料社� the volumes are mind-blowingly big 黑料社� The figures appear to suggest the shale resources are so large that the question is not how much is out there, but how much can be retrieved 黑料社� how much can be economically assessed in an environmentally acceptable way.黑料社�

At present, in order for offshore shale operations to become economically viable, conventional oil prices would have to rise to US$ 200 per bbl. Though this may seem unlikely in the immediate future, some analysts have already pointed out that, 黑料社渨e黑料社檙e dealing with a finite resource, so it will happen.黑料社� Additionally, a UK parliamentary committee stated that, 黑料社淲hile these (costs) might be economically unviable at present, 黑料社榰neconomic黑料社� reserves can become economic quickly as technology and prices shift.黑料社� One source agreed saying that, 黑料社淚t黑料社檚 getting cheaper as the industry develops. If costs keep coming down, prices might not have to be so much higher to make the economics work.黑料社�

It was announced earlier this week that the temporary ban on onshore fracking in the UK had been lifted. The ban was originally enforced after fracking in northern England was connected to several minor seismic events.

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Edited from various sources by David Bizley

Read the article online at: /business-news/19042012/uk_offshore_shale_reserves_could_exceed_1000trillion_cubic_ft/