Fracking a ‘£10bn opportunity’

A REPORT commissioned by shale gas firm IGas and the Peel Group says widespread fracking at sites between Manchester and Liverpool could pump £10bn into the economy over 20 years.

IGas has a licence over a large area from Manchester to the Mersey estuary, much of it on Peel-owned land, such as its exploration site at Barton Moss, Salford.

The report, carried out by Liverpool-based Amion Consulting, says around 3,500 jobs could be created from 2015-35 in the Ocean Gateway area – a Peel concept to drive growth between Manchester and Liverpool. There would be a further UK 15,500 jobs derived from Ocean Gateway production. The figures are based on 300 wells at 30 sites.

But opposition to fracking is strong and protestors held up IGas’s exploratory work in Barton in the winter. More action is expected at future sites. Opponents argue the process, which requires pumping water and chemicals at high pressure deep under ground to release gas, can cause air and water pollution.

IGas’ chief operating officer, John Blaymires, said: “The findings of this report highlight that the Ocean Gateway region is sitting on a potential £10bn investment opportunity. We’re looking to develop the capacity from within the region to meet the supply chain requirements so that as many local people and firms as possible benefit from our capital investment.

“The North West has a huge opportunity to become a centre of excellence for shale gas development and technologies. Over time, local companies will be able to export those skills nationally and ultimately abroad as other nations follow Britain’s lead in developing a safe and sustainable industry.”