Shale gas exploration in Britain is set to get a boost on Thursday after a report suggested that resources of the energy source are much greater than previously thought.
Treasury Chief Secretary Danny Alexander is expected to highlight the latest findings of the British Geological Survey pointing to huge potential in Yorkshire and Lancashire.
Geological data indicated the presence of large quantities of shale gas reserves in the country with 1,300 trillion cubic feet at Bowland in Lancashire alone.
Alexander is expected to set out the Treasury’s plans to encourage exploration followed by detailed guidance within the next three weeks.
Tax breaks and fast-tracked permits for the controversial gas exploration will also be offered as part of new infrastructure projects worth £100 billion.
Extraction of the gas, known as fracking, is a highly controversial issue as critics claim that the process of fracturing rock to release the gas can lead to earthquakes and pollute water supplies.
Ministers on the other hand believe it could create jobs, reduce energy imports and revenue collection.
Experts suggest that, even if huge resources of shale gas are found, only a fraction of that amount can be extracted due to the complexity of the fracking process.
Shale gas resources 'much bigger than thought'
