Fracking industry marches on

“Many point to potential lucrative opportunities in fracking for existing oil and gas expertise”

Is there an inevitability about the march of the fracking industry – a case of trying in vain to hold back the tide – as the offshore industry continues to redefine its future purpose in life?

It was a significant, and symbolic, event as the first shipment of controversial fracked shale gas from the US arrived by tanker at the Ineos refinery in Grangemouth yesterday. Ineos boss Jim Ratcliffe, founder and chairman of the petrochemicals giant, said fracking could transform communities blighted by a collapse in manufacturing, and plug declining returns from the North Sea.

Ironically, the shipment’s arrival coincided with BP boss Mark Thomas pledging fresh investment offshore.

This was encouraging news, but many have argued that we must embrace fracked shale gas as a cleaner, and potentially highly-productive, alternative fuel which complements traditional fossil fuels and emerging renewables. Apart from the obvious benefits of a secure UK gas supply, many point to potential lucrative opportunities in fracking for existing oil and gas expertise in the north-east.

The arrival of the tanker in Grangemouth also triggered a stepping up of opposition by anti-fracking groups, who cite environmental damage in the US. A motion to ban fracking in Scotland was passed at Holyrood recently, but it is not official policy. A moratorium on fracking is in place in Scotland until next year, as the industry is analysed and debated more fully, but one wonders if a court challenge might one day bring things to a head.