A report published later today from the British Geological Survey is expected to reveal huge reserves oil reserves across Southern England, the BBC reports.
The study covers areas across Sussex, Surrey and Kent, is said to say there are several billion barrels of oil in shale rocks, that could be drilled through the controversial fracking process.
The Times is reporting that the government will offer money to areas outlined in a bid to stave off criticism amid growing concerns over the safety of the procedure.
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The chancellor now faces the prospect of forming a minority government or calling for a snap election.
The 73-year-old said a return is unlikely "given the politicised atmosphere that seems to have afflicted our set."
Chancellor Philip Hammond said the UK will make a financial proposal to the EU in the next three-and-a-half weeks.