Cuadrilla UK Fracturing Consent Labeled 'Momentous Achievement'
Cuadrilla Resources’ receipt of hydraulic fracturing consent for its first horizontal shale gas exploration well at its Preston New Road site in Lancashire, UK, has been labelled a “momentous achievement” by Ken Cronin, chief executive of industry body UK Onshore Oil and Gas (UKOOG).
“At a time when the UK, and indeed the whole of Europe, is becoming ever more dependent on imported fuels it is very encouraging that we are taking steps to reverse the trend,” Cronin said in a UKOOG statement.
“By doing this we will bring back home the job opportunities, investment and tax revenues lost by outsourcing our energy needs while securing our energy future and signaling that the UK is beholden to no one now or into the future,” he added.
Cuadrilla announced Tuesday that it had received final hydraulic fracture consent from the UK’s Department for Business, Energy & Industrial Strategy for its first horizontal shale gas exploration well at Preston New Road.
All other relevant planning and permits required were already secured by the company, which is now in the process of preparing to apply for consent to carry out hydraulic fracturing operations for its second horizontal shale gas exploration well at the same site.
“We are very pleased to be the first operator in the UK to have been awarded final consent to hydraulically fracture the UK’s first onshore horizontal shale exploration well,” Francis Egan, CEO of Cuadrilla, said in a company statement on Tuesday.
In new figures released Wednesday, Cuadrilla revealed that, to date, over $13 million (GBP 10 million) has been invested into the local Lancashire economy by Cuadrilla’s Preston New Road shale gas exploration operations.
During the second quarter of 2018, Cuadrilla’s direct spend with suppliers in the county increased to $11.7 million (GBP 8.93 million). Indirect spend to the local economy, the amount of money Cuadrilla’s suppliers have sub contracted to other suppliers based in Lancashire, stands at $1.4 million (GBP 1.1 million).
The company has also increased its sponsorship of local initiatives in Lancashire with $289,000 (GBP 220,000) being invested in community projects to date. This includes an extended partnership with the AFC Fylde Community Foundation to support new community projects.
“This is a milestone year for Cuadrilla, with the completion of our two horizontal exploration wells at Preston New Road. I am delighted to see that our exploratory work is already significantly delivering for the Lancashire economy with over GBP 10 million ($13 million) invested to date,” Egan said in a company statement.
“As we start preparing to hydraulically fracture our first two horizontal exploration wells we aim to demonstrate that Lancashire shale gas can be safely and sensibly developed in the county to supply local homes and businesses. As we grow, we look forward to working with even more local suppliers across the county and to seeing the local community benefiting from our efforts,” he added.
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