Experts have said that the shale gas reserves in the UK might be enough for oil firms to extract during the coming five years.

David Cameron has that that the new carbon capture technology will allow the country to exploit the vast reserves of shale gas thought to be buried beneath northern England. The British Prime Minister expects UK's emerging fracking industry to develop alongside new carbon capture and storage (CCS) technology that allows capturing emissions from burning large quantities of shale gas required in the industry.

British Prime Minister David Cameron has said that the councils in the country that support "fracking" will get to keep more money in tax revenue as part of the government's drive to boost shale gas exploration in the country.

He said that English local authorities backing the initiatives will receive all the business rates collected from shale gas schemes - rather than the usual 50 per cent.

The government in the UK has given a go ahead to some firms to continue an extraction technique known as 'fracking' to exploit gas in the country. Firms including IGas and Cuadrilla have begun exploratory drilling for shale gas Fracking involves creating little explosions underground and then flooding with water and chemicals to obtain gas trapped in shale rocks.

The 14th round of shale licensing was originally expected to be held in 2010 but has been pushed to 2014 and is crucial for the industry as the energy availability and prices have raised concerns in the country. Cameron has said that the gas from shale gas extraction has helped bring a boom in production the US and resulted in a fall in process. He said that the same could be possible in the UK.