Fracking for shale gas under the North Sea could be worth £600billion to the Scottish economy, a think-tank has claimed.
Think-tank N-56 – N-56 refers to Scotland’s global latitude – released a fresh report claiming technology used to unlock the US fracking revolution could be deployed in the North Sea.
The independent organisation – which is headed by ‘Yes’ board member and SNP donor Dan Macdonald – said a similar approach could uncover 42 billion barrels of “unconventional crude” buried in the North Sea.
It added a North Sea fracking revolution has the potential to create £600billion for an independent Scotland.
N-56 added Scotland was in a “black gold bonanza” under the new techniques.
In an official statement the organisation said: “By taking the drilling and horizontal fracturing technologies that have been pioneered in the USA, and applying these in an offshore setting, the proposal has the potential to reinvigorate the North Sea. The target for this revolutionary production proposal is the Kimmeridge Clay formation, an Upper Jurassic organic rich shale which is the major oil and gas source rock for the Central and Northern North Sea.”
Currently independent explorer Trapoil owns the sole license for unconventional oil and gas in the North Sea.
Outgoing chief executive Mark Groves Gidney said: “Offshore unconventional oil and gas could materially change the UK economy, let alone the North Sea oil and gas industry.”
However the report was met with harsh criticism.
A Department for Energy and Climate Change (DECC) spokesman: “The North Sea oil and gas industry has told the government it is too early to assess the potential for offshore shale gas production and we agree.”
A Better Together spokesman added: “What utter rubbish this report by Alex Salmond’s campaign colleague is.
“Experts like Sir Ian Wood say the oil is running out, yet here we have nationalists claiming there is a land of milk and honey awaiting us.”
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