A massive gas field discovered beneath Lincolnshire could supply the UK’s energy needs for 10 years, reduce reliance on imports, and contribute £112 billion to the economy, according to Egdon Resources.
The gas field, centred on Gainsborough, is expected to create tens of thousands of jobs, generate billions in tax revenue, and provide cheaper energy.
Egdon Resources will formally announce the discovery at the Lincolnshire Energy Conference later this month.
CEO Mark Abbott revealed that extensive research and test drilling confirmed the presence of approximately 480 billion cubic metres of recoverable gas, seven times the UK’s current annual consumption.
The discovery, however, could spark renewed debate over fracking, a currently banned extraction method in the UK due to concerns over small earthquakes.
The Gainsborough Trough has long been suspected to hold substantial fossil fuel resources (Image: Getty)
Exploiting the field would require lifting this ban, potentially leading to a political clash between Chancellor Rachel Reeves and Energy Secretary Ed Miliband.
Egdon Resources, recently acquired by US energy firm Heyco, commissioned Deloitte to assess the economic impact of the gas field.
Deloitte’s report highlighted the potential for significant economic growth, job creation, and reduced carbon emissions compared to imported gas.
The Gainsborough Trough, a geological feature formed over 300 million years ago, has long been suspected to hold substantial fossil fuel resources.
Egdon’s exploration targeted ancient mudstones 2km below the surface, uncovering the vast gas reserves.
The discovery surpasses the size of Shell’s North Sea Jackdaw development and spans rural areas from Gainsborough towards Sheffield and Doncaster.
Local leaders, including Lincolnshire councillor Colin Davie, are urging the government to reconsider the fracking ban, emphasizing the need for affordable energy and economic development.
Reform MP Richard Tice also expressed support, highlighting the potential for job creation and reduced energy costs.
The UK currently imports significant volumes of gas, making it vulnerable to global price fluctuations.
While the government aims to transition to clean energy by 2030, the newly discovered gas field presents an opportunity for domestic energy security and economic growth.
A spokesman for the Energy Department said: “We intend to ban fracking for good and make Britain a clean energy superpower to protect current and future generations.
“The biggest risk to our energy security is staying dependent on fossil fuel markets and only by sprinting to clean power by 2030 can the UK take back control of its energy and protect both family and national finances from price spikes.”
