British Gas owner Centrica sets sights on shale gas drilling licences
News that British Gas owner Centrica is in talks to buy into Cuadrilla Resources, chaired by former BP boss Lord Browne, could prove a major boost to the UK's nascent shale gas industry.
Sources confirmed that Centrica is negotiating to buy into the Bowland Shale licences owned by Cuadrilla in Lancashire.
"This would be a real boost for UK shale development," said Peter Atherton, an analyst at Liberum Capital. "Centrica brings great resources and great upstream experience."
Cuadrilla, which is part-owned by the private-equity fund of which Lord Browne is a director, suffered a blow in 2011 when operations were suspended following earthquakes in the area in which it was fracking.
Chancellor George Osborne, though, is a fan of shale gas, and Centrica seems convinced that fracking could be the way of increasing reserves and reducing energy bills.
- 1 Isis burns thousands of books and rare manuscripts from Mosul's libraries
- 2 Scarlett Johansson new band 'already hit with legal complaint' from another The Singles
- 3 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Isis burns thousands of books and rare manuscripts from Mosul's libraries
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Family of man named as 'Jihadi John' described by neighbours as 'normal Muslim family'
Mohammed Emwazi: Nine things we know about Isis militant 'Jihadi John'
Mohammed Emwazi: Man identified as Isis killer 'Jihadi John' 'stopped by MI5' while on safari holiday in Africa in 2010
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
This is what it's like to be dead, according to a guy who died for a bit
iJobs Money & Business
£55,000 - £60,000: Loren Hughes: Are you a newly qualified accountant from a B...
£65,000 - £75,000: Neil Pavier: Have you every dreamt of working for a global ...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£55,000 - £65,000: Neil Pavier: Do you want to work for an impressive digital ...