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Shell all set to spend R1.6bn on fracking

Jul 19 2012 12:05

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Johannesburg -  Shell has indicated it is likely to spend about R1.6bn on the exploration of shale gas in the Karoo as cabinet looks set to give the green light to the removal of the fracking moratorium, according to an article in Business Report.

Shell SA general manager Jan Willem Eggink reportedly told the Cape Chamber of Commerce and Industry that the company would spend R1.6bn should cabinet give the go-ahead.

But cabinet spokesperson Jimmy Manyi said a report by the department of mineral resources had not been discussed by the cabinet on Tuesday.

Energy Minister Dipuo Peters has repeatedly voiced support for fracking. Last month, Peters said concerns about fracking needed to be overcome through research and technology.

"We cannot allow a blessing to lie fallow... If shale gas is one of the blessings, we are going to go for it," Peters said.

Cape Town Chamber of Commerce president Michael Bagraim said in the report that the government needed to allow for more time to consider the pros and cons of fracking.

“We don’t want to get into the green versus the big business debate,” Bagraim said.

Fracking involves pumping a mixture of water, sand and chemicals at high pressure down a borehole into the rock strata containing the shale gas.

The process releases the gas, which flows out of the borehole to the surface, where it is captured.

 
shell  |  karoo  |  fracking
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