Cuadrilla Resources Limited (“Cuadrilla”) welcomes today’s Government written ministerial statement (WMS) that the moratorium on hydraulic fracturing, introduced in November 2019 has been lifted.
Cuadrilla CEO Francis Egan said “I am very pleased that the Government has quickly and decisively followed up the Prime Minister’s announcement of two week ago with today’s WMS.
Communities across the North of England stand to benefit most from today’s announcement. Cuadrilla is determined that a portion of all shale gas revenue should be delivered to local residents as a community dividend. This would mean each producing shale gas site could generate potentially hundreds of millions of pounds for local households, families, and communities.
On top of this, a thriving shale gas industry will drive job creation across the North of England, generate much needed tax revenues for central and local government, and help tackle spiralling gas prices.
Lifting the moratorium will help the shale industry unlock UK onshore natural gas in quantities sufficient to meet the UK’s needs for decades to come.
The last few months have highlighted the risks associated with ever increasing reliance on expensive, uncertain, and higher emission gas imports. Today’s WMS sets the foundation for us to move towards gas self-sufficiency, and not be reliant on the whims of dictators, or the vagaries of international supply lines and prices. The Government has made the right call, and we look forward to working with them to ensure this industry can start delivering for local communities, and the entire country, as soon as possible.