Shale needed for diversity, Dart Energy chief says

Oct. 28, 2013 at 8:57 AM
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LONDON, Oct. 28 (UPI) -- The British energy sector would suffer without the complementary benefits of shale natural gas, Dart Energy Chief Executive John McGoldrick said.

McGoldrick said renewable energy resources like wind power don't provide the same type of feedstock or raw materials needed to fuel power plants as natural gas does, London's Daily Telegraph reported.

"The logic is very simple. Unless you have got a competitive energy market, a competitive feedstock market, then by definition you are going to be uncompetitive and you lose jobs," he said.

French energy company GDF Suez announced last week it would pay $12 million to Dart, an Australian company, to acquire a 25 percent stake in 13 onshore licenses in the Bowland shale gas reserve area.

In June, the British Geological Survey estimated the Bowland formation, located near Lancashire in northwest England, contains 1.3 quadrillion cubic feet of natural gas.

The government said shale could ensure energy security for a country where net natural gas imports are on pace to increase from 45 percent of demand in 2011 to 76 percent by 2030.

Exploitation of shale reserves is seen as a threat to the environment critics.

McGoldrick said shale opponents have resorted to "scare tactics."

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