Gas reserves that could fuel the UK for several years have been discovered in Lincolnshire, an energy company says.
Reports in national media say the Gainsborough Trough “gas field” could provide a decade’s worth of energy and boost the UK economy by £100 billion.
The news has been welcomed by politicians who want the UK to exploit gas reserves.
But it has raised concerns among environmental campaigners opposed to fracking – the process needed to extract gas from underground.
Egdon Resources, which commissioned Deloitte to analyse the results of exploratory drilling in the area, is set to officially announce the discovery at a conference this month.
Chief executive Mark Abbott said the results “compare favourably with some of the best producing shale basins in the USA”.
He said the trough, which extends across parts of Nottinghamshire and South Yorkshire, could supply “16 trillion cubic feet of gas or around six to seven years of current gas consumption, thus offsetting significant amounts of imported gas”.
Mr Abbott added: “Deloitte’s modelling estimates that if this was developed it would generate a GDP contribution of £140 billion, £34 billion of direct taxes, up to 250,000 direct and indirect jobs and offset 202 million tons of CO2 equivalent when compared to the emissions associated with imported gas.
“To put that in context that is equivalent to the annual emissions of over 40 million cars.”
‘Drill baby drill’
Among those to welcome the news was the Reform MP for Boston and Skegness Richard Tice.
Posting on X he said it provided “massive potential for jobs, growth and cheaper bills” and called on the UK to “drill baby drill”.
Andrea Jenkyns, who is Reform’s hope to become the first Greater Lincolnshire Mayor, added: “West Lincolnshire and Gainsborough has the opportunity to be come a key energy producer for the nation. This would
bring massive investment to the region and benefits to UK consumers.”
But exploiting the discovery faces obstacles due to a moratorium on fracking – the process of extracting shale gas – which is currently in place because of concerns about concerns about its environmental impact.
A government spokesman said: “We intend to ban fracking for good and make Britain a clean energy superpower to protect current and future generations.
“The biggest risk to our energy security is staying dependent on fossil fuel markets and only by sprinting to clean power by 2030 can the UK take back control of its energy and protect both family and national finances from price spikes.
“Through our Plan for Change, we will reignite our industrial heartlands as we seize the opportunities of the clean energy transition, and will continue to drive investment for businesses and communities in the UK.”
