A report from audit firm PwC says shale oil revolution could add up to £800 to each person's economic output in the UK, boosting the UK's gross domestic product (GDP), by an extra 2 per cent to 3.3 per cent by 2035, or around £30 billion to £50 billion at today's values.
The boost would come on significantly lower oil prices as the world tapped into the energy held in shale rock, cutting costs faced by businesses and consumers, it added.
The report came following the chancellor in December unveiling tax breaks for shale exploration in the UK and ending a moratorium on the controversial fracking process used for the extraction of gas and oil. The moratorium had been imposed following the technique causing minor tremors near Blackpool in 2011.
Hopes remain high that rivalling at least part of the US's progress in shale could offer a boost to the growth prospects of the UK and its energy security.
Sam Laidlaw, chief executive of British Gas owner Cetnrica has however cautioned, shale oil would not be the game changer in the UK it had been seen in North America.
The PwC analysis had been based on the premise that shale oil production could spread from the US, the birthplace of the industry, to account for almost 12 per cent of the world's total oil supply by 2035.