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14.01.2014 11:23
Total Invests 12.7 Million Pounds in UK Shale Gas Exploration
Total's move comes as the government is expected to introduce more incentives to encourage local authorities to allow drilling for shale gas
AUTHOR: publics.bg


  • © SkyTruth@flickr.com

French oil and gas company Total will invest at least 12.7 million pounds in the UK's shale gas industry. UK energy firm IGas Energy said it had agreed a deal to hand Total a 40% interest in two shale gas exploration licences in Lincolnshire, BBC reported.

The investment makes Total the first of the so-called "oil majors" to invest in shale gas in the UK.

The British Geological Survey estimates there may be 1,300 trillion cubic feet of shale gas present in the north of England.

Total's move comes as the government is expected to introduce more incentives to encourage local authorities to allow drilling for shale gas, according to environmental campaigners Greenpeace.

Under the measures, local authorities would keep all income from business rates paid by companies drilling for shale gas, instead of giving it to the UK treasury.

In December, a report commissioned by the Department of Energy and Climate Change (DECC), said more than half of the UK could be suitable for fracking.


TAGS: Total | UK | Great Britain | shale gas | investment | energy 


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