Fireworks in London over a controversial and often heated debate on fracking, which is a relatively new drilling technology – high-volume horizontal hydraulic fracturing (fracking) – now makes it possible to reach natural gas reserves that underlie the earth.
What do you know about it and how do you and your colleagues feel about fracking? This live debate took place on the Channel4News, London. This is not the first time CEO Chris Faulkner, Breitling Energy Corporation and Ewa Jasiewicz from Fuel Policy Action have locked horns in a debate on fracking.
UK Oil & Gas Investments announced the finding of a “world-class potential resource” at Horse Hill in the UK’s Weald Basin, with oil in place of 158 million barrels of oil per square mile.
The total amount of oil is estimated to be as much as 100 billion barrels in place, although only between five and fifteen per cent of the oil is extractable.
UKOG’s CEO Stephen Sanderson, UKOG’s CEO, said, “the ability to use concepts, techniques and technology unavailable in the 1980s, has provided new cutting-edge data and interpretations to comprehensively change the understanding of the area’s potential oil resources.”
Comparisons with similar US plays suggest a recover rate of up to 15 percent of oil in place due to the natural fracturing of the rock and that therefore hydraulic fracturing would not be necessary to extract the oil.
Chairman David Lenigas, UK Oil & Gas Investments, contends that fracking would increase the yield up to a 40 percent recovery rate: “we have seen numbers with technology and going to fracking you can get up to 30 to 40 per cent recovery out of some of these things. But I am not interested in doing that.”
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