Shale gas “fracking” could create 50,000 jobs and possibly reduce gas prices in the UK, the former CEO of BP has claimed in a newspaper interview.

Lord Browne, now a director of shale gas company Cuadrilla Resources, said Lancashire could potentially become the centre for shale gas in Europe. Fracking involves a process of extracting gas from tight layers of rocks using water pressure.

The process has proved controversial following a minor earthquake in Blackpool (pictured) last November. A report on the tremor suggested it was “highly probable” there was a connection between the earthquake and the extraction process. But Lord Browne is hopeful the Government will approve Cuadrilla’s fracking plans as it could benefit the country.

He said: “We could potentially double the reserves of gas in the UK. We could add 50,000 jobs maybe and probably even reduce the price of gas.”

Cuadrilla runs the UK’s only fracking site near Blackpool.