Discussion led by Benny Peiser, Director of the Global Warming Policy Foundation, an all-party and non-party think tank chaired by Lord Lawson.
In recent months, the exodus of energy companies abandoning shale gas investments in Poland has undermined the country's strategic plans of becoming a significant shale producer. Poland's shale fail raises questions over the prospects of shale development elsewhere in Europe. The British Geological Survey estimates there could be 1,300 trillion cubic feet of shale gas trapped in the Bowland shale basin alone. That estimate does not include other shale basins further north and south of the UK, let alone Britain's offshore shale reserves that could be five to ten times as high as onshore. We are sitting on a huge goldmine of unconventional energy that could power the country for more than 50 years at current levels of consumption. However, environmental campaigners, EU red tape and political dithering have led to lengthy delays of UK shale development. There is now a growing risk that shale companies will not wait forever for the EU and the UK to get its act together.