British Gas owner poised for role in UK fracking
Centrica, British Gas’s owner, is in talks to buy into Cuadrilla Resources, chaired by the former BP chief executive Lord Browne, in a move that could boost the UK’s nascent shale gas industry.
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. It’s also the one company whose absolute core is making sure that the UK is well supplied with gas.”
Cuadrilla Resources, 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 it was fracking.
The Chancellor, George Osborne, is a fan of shale gas, and Centrica seems convinced that fracking could be the way to increase reserves and reduce energy bills.
Having previously argued that shale gas might not be the “game-changer” that it has been in the US, Centrica is now poised to take a major role in its development in the UK.
Although the process of fracking, which sees a mixture of water, sand and chemicals forced into the rock, traces its roots back to the 1860s, it has only come to prominence in the past decade.
- 1 Games of Thrones actor Lena Headey makes emotional promise to her unborn daughter
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...