👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

PM urged to relax limits on earthquakes caused by fracking

Published 14/09/2022, 12:09
© Reuters PM urged to relax limits on earthquakes caused by fracking
LCO
-
CL
-
NG
-

New Prime Minister Liz Truss is being pressured by the fracking industry to reduce the limits on earthquakes caused by the activity, after her government announced an end to the ban.

Despite criticism that the gains will not be worth the hassle, the government will remove the fracking ban via a written ministerial statement once the mourning period for Queen Elizabeth II is over, Downing Street said last week.

There are an estimated 1,300 trillion cubic feet of shale gas below the UK, according to the British Geological Survey in 2013, though this is not the level of gas that it might be possible to extract.

Fracking involves shooting water, sand and chemicals at rocks underground to release the trapped oil and gas.

Companies engaged in the activity insist the present UK limits on seismic activity, which currently require drilling to stop if tremors above 0.5 on the Richter scale are caused, need to be significantly loosened if a considerable amount of shale resources is to be extracted.

Industry experts cited by the Daily Telegraph say tremors this low often occur naturally and that magnitudes lower than 2 are not usually felt by people above ground, according to the Royal Society.

Fracking is not expected to ever cause tremors above magnitude 3, though Lancashire residents complained their homes shook and items fell off shelves following Cuadrilla test operations that caused a 2.9 magnitude three years ago, and there is evidence of some earthquakes being linked to fracking and contamination of water supplies.

Richard Davies, a petroleum geologist at Newcastle University, told the Telegraph that fracking has “not been a major source of earthquakes” and coal mining had caused “many times more.”

Fracking companies are also urging the government to give ministers the power to approve projects rather than local councils.

Officials are also expected to publish results from the British Geological Survey regarding fracking’s safety.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.