Fracking boss says it would be "madness" for UK to import gas
Speaking at the UK Northern Powerhouse conference in Manchester, Mr Egan admitted the industry would not know whether gas could be extracted on a commercial basis until test-drilling gets under way.
He continued: "If, and it's still and if, it is then we are looking at multi-decades of gas supply and multi-billion pound investment opportunities in energy across the North of England."
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Hide AdCuadrilla is due to begin test-drilling at a site in Lancashire at a site later this year and has secured licenses from the Government to explore for gas in parts of Yorkshire.
A different firm, Third Energy, has secured permission to drill at a site near Kirby Misperton in Ryedale.
Both developments have faced significant protests from residents and campaigners concerned about the potential impact of fracking on the environment.
Asked whether the industry would be able to overcome public opposition to fracking, Mr Egan said: "What we will be able to do is provide a product the country needs. Frankly it's up to the UK whether it decides it wants to source its gas from Lancashire or the US.
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Hide Ad"If we can provide it a cost-effective price in my mind it would be madness not to develop it here versus bringing it on a ship from America or Algeria or Qatar.
"The fundamental fact is we will be using the gas. Nobody disputes that."
Fracking involves drilling into rock formations deep underground and using a mixture of sand, water and chemicals at high pressure to release trapped gas.