UKOOG's CEO Ken Cronin said the industry will work to demonstrate shale can be done safely, "given the size of the prize at stake - the significantly lower carbon footprint of domestic gas compared to imports and the significant investment the industry and the government has already made".
Business Secretary Andrea Leadsom said that the government could not rule out unacceptable impacts on the local communities in the future if fracking continued.
"After reviewing the OGA's report into recent seismic activity at Preston New Road, it is clear that we can not rule out future unacceptable impacts on the local community", said business and energy secretary Andrea Leadsome, reports the Guardian.
"After reviewing the OGA report (...), it is clear that we can not rule out further unacceptable consequences for the local population", Leadsom said in a statement.
Prime Minister Boris Johnson said he had "very considerable anxieties" about the extraction of shale gas. While the move was presented as an immediate moratorium on the controversial practice, the official announcement makes clear the government would still consider requests for fracking licenses "on their own merits", potentially rendering the decision a virtue signal to Green voters in the upcoming poll.
Its report found it was not now possible to predict accurately the probability or magnitude of earthquakes linked to fracking operations.
Tom Wheeler, OGA director of regulation, said: "Since the OGA suspended hydraulic fracturing at Preston New Road we have been considering whether the operator's plans are still appropriate to manage the risk of induced seismicity".
They indicate the rupture of a previously unidentified strike-slip fault is the likely cause of the larger Preston New Road events. "Based on these, the OGA believes that further detailed geomechanical analysis would be needed before we could evaluate with confidence whether hydraulic fracturing could resume in the Fylde, or elsewhere, consistent with the Government's policy aims".
Labour, Liberal Democrats and the Green Party want a permanent ban on fracking. Their own energy secretary has described pausing fracking as a "disappointment", says fracking is a "huge opportunity" and that the United Kingdom will rely on fracked shale gas for decades to come.
Opposition Labour leader Jeremy Corbyn said "the temporary pause of fracking is an election stunt to try and win a few votes".
"It is time Cuadrilla packed up their remaining equipment and left, and it is time the Government committed to an outright ban on fracking for all our sakes".
"Hydraulic fracturing stimulation is a long-standing technology used around the world", said Ken Cronin, chief executive of industry group UK Onshore Oil and Gas. For almost a decade local people across the country have fought a David and Goliath battle against this powerful industry.
Tell us about your experiences in the encrypted form below - one of our journalists may be in touch to discuss further and we'll publish a selection as part of an upcoming feature.