Energy body increases shale forecasts

UK Onshore Oil and Gas (UKOOG) has revised its predictions for the value of the UK's shale gas industry, showing that the practice could be much more valuable - and provide for many more jobs - than previously thought.

UKOOG based its findings on an Institute of Directors report from 2013, and updated the information using the results from Cuadrilla’s first hydraulically fractured well in January.

The new report shows upgraded well productivity forecasts by 72 per cent, calculating that each well site at peak production could provide gas for 500,000 homes.