'Astounding' gas discovery under Gainsborough will mean cheaper bills, CEO claims

The ‘astounding’ results of an investigation confirmed huge quantities of natural gas in the Gainsborough Trough, a geological feature under the town.

HEYCO, the American energy company behind it, claims the fuel would increase the UK’s GDP by £140bn and create 250,000 jobs.

However, environmental opponents fear the gas would be sold abroad, leading to more carbon emissions for little gain to the UK.

The process of extracting gas, known as fracking, is facing a complete ban by the government, meaning there would need to be a change of policy.

CEO George Yates unveiled the results at the first Lincolnshire Energy Conference, at the University of Lincoln.

He said: “The UK will need gas for decades. The question is, will it be a producer or an importer?

“The country is already in the shale gas business – it’s just not developing its own resources or reaping the benefits.”

Comparing the untapped reserves to a boom in US gas production, he said: “I’m confident that prices will decline in the UK [with fracking].

“They’re set to do it with the right policies that support the volumes needed.”

He added that using homegrown gas would be greener than importing it from across an ocean.

Projections showed the Gainsborough reserves would last for 36 years, and could meet the UK’s demand for gas for nearly seven years on its own.

However, protesters from pressure group Extinction Rebellion held a sign saying ‘No Future In Fossil Fuels’ outside the conference.

Organiser Rosemary Robinson said: “The gas field will probably be lauded as a fantastic discovery, but we can’t afford to use fossil fuels any longer.

“We’re approaching climate change tipping points very quickly, and the last thing we need is more oil and gas.”

There is a temporary ban on new onshore fracking due to fears it could cause earthquakes.

Ed Miliband, the Secretary of State for Net Zero and Energy Security, has plans to put a stop to it permanently, meaning the Gainsborough reserves wouldn’t be touched.

A spokesperson 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.

“Through our Plan for Change, we will reignite our industrial heartlands as we seize the opportunities of the clean energy transition, and will continue to drive investment for businesses and communities in the UK.”