Shale gas a top British priority, minister says

Putting full support behind the fledgling shale natural gas industry is the top priority for the British government, the British energy minister said Thursday.

"Shale gas has great potential," British Energy Minister Matthew Hancock told delegates gathered for a regional energy conference. "It's an opportunity we cannot afford to miss."

A report this week from the University of Glasgow said existing regulations that mandate a halt to hydraulic fracturing operations if minor tremors are recorded are too stringent.

The British government enacted restrictions in 2012 after minor tremors were recorded near a hydraulic fracturing site. University of Glasgow researchers said the measure kicks in for tremors on par with the seismic activity triggered by a passing truck.

For Hancock, supporting the emerging shale industry in the country is a top priority.

"Leaving shale gas in the ground means missing out the potential for up to $15.8 billion economic return," he said.

A decade ago, Hancock said the British economy was a net exporter of gas. By 2025, the country will need to import more than half of the gas it consumes. Tapping into shale means a lot for energy security, he said.

Last year, the British Geological survey estimated shale basins in the country may hold more than 1.3 quadrillion cubic feet of natural gas.

Opponents of the emerging shale industry have expressed alarm over everything from land owner rights to groundwater contamination and drilling-related tremors.