Fashion & Beauty

BREXIT And The Shale Bonanza

Description
As the U.K. celebrates its final year as part of the European Union it is standing on the brink of a major boost to its economy and prosperity as it awaits the first economic benefit from production from its rich oil and gas shales.
Published
of 11
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Related Documents
Share
Transcript
  BREXIT And The Shale Bonanza Dr. Gary K. Busch AstheU.K.celebratesitsfinalyearaspartoftheEuropeanUnionitisstandingonthebrinkofamajorboosttoitseconomyandprosperityasitawaitsthefirsteconomicbenefitfromproductionfromitsrichoilandgasshales.QuadrillaandothershavefoughtalongbattletobegindrillinginearnestfortheextractionofshaleoilandgasintheUK.Britishshalereservesareextensiveandrichingasandoiltrappedinsedimentarybasinsinseveralpartsofthenation,butespeciallyinLancashireandYorkshire.TheBritishGeologicalSurveyestimatesthattheBowlandbasinholds1,300trillioncubicfeet(tcf)ofgas.Almostseventywellshavealreadybegun.Thereservesareenormous.i “ Ifatenthcanbeextracted  –  andUSfrackerscandobetterthanthat  –   itwouldcoverBritain’sentiregasneedsforhalfacentury.Current useis2.5tcfayear. ” iiThesamearticlequotestheQuadrilla ’schiefexecutive““We’vejustdrilledtherocksandtheyarethebestresultswe’veeverseen.Itisahugeresource.This couldlastusthroughto2050.Thevariouslayersmaybeasmuchas6,000feetthick,comparedtoanaverageof300-400feetintheUS.Thisallowsformultiplelateralboresfromthesamedrillingpadandvastlyextendsthelifeofashalewell.3-Dseismicimagingexecutesthiswithextremeprecision. ”    Britainusedtobeanenergyexporter.Britainwasanetexporterofenergyuntil2003,whenthebalancewasreversedbythepoliciesofthegovernmentofTonyBlairandsustainedbytheignorantoppositionoftheGreens,worshippingtheirpatronsaint,Pinocchio.  ThisinabilitytodealwithBritishenergysupplieshasproducedacostlyandthreateningenergypostureuntilrecently,whentheUKgovernmentgavethego-aheadtostartdrilling.Theenergyindustryhasshrunkfromaround10%ofGDPinthelate1980stothecurrentpercentageofaround2%.Intheinterim,Britainhasbecomeanetimporterofenergysuppliesandhasbeenpayingforenergysuppliesonthepricetermsoftheinternationalmarket.    Sincethatdecline,Britain’senergysuppliesandtradehavebeeninimbalance.Britainbegan toimportenergyataperiodwhensuppliesweredecreasingandthepriceshigh.InakeystudyconductedbytheUKDepartmentofBusiness,EnergyandIndustrialStrategyinJuly 2017,“UKENERGYINBRIEF2017”the researcherspointedoutthattheUKwasanetimporterofenergy.  ThereactiontotheconstraintsontheenergysupplywerealsotheresultofEuropeanpolicydiktats.BritainhasbeenheldbackinitsdevelopmentofitsvastfrackingreservesbythepoliticsoftheEuropeanUnionaswellasbyitsGreens.EUpolicyhasallowedtheEUtobecomedangerouslydependentonsuppliesfromRussiaandhasonlyrecentlysoughttodiversifyitssupplyelsewhere.ThediversityincludedallowingforimportterminalstobebuiltinLithuaniaandelsewheretoimportLNGintoEurope,butithasnotincludedtheEUallowingforfrackingtobepursuedbydrillingwithintheregion.OneofthemajoradvantagesoftheUKleavingtheEuropeanUnionwillbeitsembraceoftheenergyresourceswhichwillenterthemarketfromfrackingandtheimmensecollateraladvantagesofhavingalargedomesticsupplyofenergyataninexpensivepriceandthemillionsofjobsthisenergysupplywillrequireindrilling,transport,andstoringtheoilandgasaswellascreatingaburgeoningmarketforsteelpipelines,storagetanks,chemicalprocessingofthefeedstocksofoilandgasproductionandanexportindustryofenergytotheEU,amongothers.TherewillbeaneedforthenewgenerationofmarinevesselstobebuiltwhicharenowenteringthemarineindustryrunonLNGorcompressedgas;abunkeringfacilityforthesevesselswhentheyreachEuropeanandUKports;amarketforthelargequantitiesofethanewhichprovidesthefeedstockfortheEuropeanchemical,fertiliserandpharmaceutical  industries.AwholegenerationoftechnicalandprofessionaljobswillbecreatedinwhichUKstudentscanfindemployment.Thecoal-firedelectricalplantscanbephasedoutandreconstructedusinggasasafeedstock.Recentstudieshaveshowthatreplacingcoalasafeedstockbygasreducesemissionsbymorethantwo-thirds.TheenvironmentaladvantagesincludestoppingthespreadofnuclearenergyandaugmentingthegasproductionbyusingBritain ’ sexpandingoffshore-windenergysupplies.ThetrendtowardsusinggasasanenergysourcehasalreadychangedtheEuropeanenergymarket;however,withlargelyimportedsupplies.Britainalreadyhasoneofthemostvaluableinfrastructuresneededtomakefrackingpay;alargedomesticpipelinesystem.Therearealready21,000milesofgaspipelinealreadyinplace.  Havingsuchanextensivepipelineinfrastructurewillallowtheeasydistributionofthefrackedgasthroughoutthenation.Mostimportantly,therearemajorinternationalgaspipelineinterconnectorswhichwillallowthetransferofgastotheEUwithouttheneedforturningtheproducedgastoLNGorcompressedgas.ThiswillmakeUK-producedcompetitivewithU.S.andRussianLNG.
Search
Tags
Related Search
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks