Caudrilla Resources believe there could be 200 trillion cubic feet of shale gas in the Bowland basin, the largest ever discovered in the UK. The discovery in Lancashire could create 5,600 jobs at peak production if current bans are lifted over fears that the specialized ‘fracking’ process caused a tremor in Blackpool earlier this year.
Caudrilla hope to start testing for gas this Autumn. The 200 trillion figure has not been independently verified and often only a small percentage of a probable reserve can be extracted. Shale gas has endured a tough year, over reports in America that the process of fracking has been damaging to the environment.
The company is backed by former BP chief Lord Browne and is part owned by Riverstone.