London is in line for a £94 billion shale oil and gas bonanza, new research claims today.
Firm supporter: London Major Boris Johnson backs the use of fracking
The work estimates that fracking south of the capital could deliver 46,000 jobs in and around London, employing everyone from lorry drivers to financiers.
But Tories behind the research claim scare-mongering about fracking by “greenies” has put the massive windfall at risk.
They say benefits will only come if government pushes harder for extraction and are calling on Boris Johnson to champion the industry.
London Assembly member Tony Arbour said: “There are two reasons this hasn’t really started yet.
“One is the fear that environmentalists and greenies are generating, suggesting it’s going to create earthquakes and be the end of the world.
“The second is a more substantial fear of people that live nearby sites, who fear they will experience horrendous disruption.”
But Mr Arbour said concerns were overplayed, claiming there was little fuss about disruption at Wytch Farm in Dorset, western Europe’s largest onshore oil field.
His research today draws upon a British Geological Survey estimating there are 4.4 billion barrels of shale oil in the Weald Basin, a region just south of London spanning from Kent to Dorset.