Fracking decision is good news, says IoD Lancashire chairman

Lee Petts, chairman of the Institute of Directors (IoD) in Lancashire has welcomed news that shale gas exploration in Lancashire has been given the green light.

“This is good news for Lancashire,” says Petts. “We know from research conducted independently earlier this year by ComRes that half (53 per cent) of Lancashire business decision makers believe that the development of a shale gas industry in Lancashire would have a positive impact on the local economy. A more recent survey of nearly 1,000 IoD members also found that over half back hydraulic fracturing of shale rock for oil and gas.

In 2013, a report by the IoD found that a successful shale gas industry could one day support as many as 74,000 jobs across the UK. Lancashire’s rich mining, engineering and manufacturing history means it has all the right ingredients to make shale gas a success and capitalise on the jobs potential.