Great Britain is making a push to develop what it thinks are significant shale energy reserves.



Peter Glover at the Energy Tribune writes: "While there’s still the tricky matter of government (over?) regulation and the negotiating of planning permissions to come, the fact is that development of potentially massive shale gas reserves holds out one of the UK’s few economy-turning prospects: no less than a new source of natural gas on a par with that delivered by the North Sea.[i]



"Chancellor George Osborne told Parliament 'Shale gas is part of our future and we can make it happen.' Going on to introduce tax breaks in the form of a shale gas field allowance Osborne also extended the ring-fence expenditure supplement from six to ten years to attract early investment. Ken Cronin of the trade body the UK Onshore Oil and Gas Operators welcomed the move saying, 'The proposed taxation measure will be a catalyst for increasing UK drilling activity and thereby attracting new investment. This increased activity will reduce future capital costs in addition to improving the economic threshold for exploitation.' Cronin confirmed, 'The UK is entering an important phase of the exploration of shale and other forms of unconventional oil and gas.'



"For all the caveats over industry regulations and local planning, investment may not be long in coming."



The full story is here.