British Gas to invest £160m in Blackpool shale gas fracking operation run by Cuadrilla
Confirming the previous rumours on this topic, British Gas owner Centrica has officially confirmed its decision to invest in shale gas exploration by taking up a 25 per cent stake in six wells in Lancashire, in partnership with current operators Cuadrilla.
According to a news report on the matter, Centrica, which the UK’s biggest energy supplier, plans to invest £160m for the aforementioned stake in Cuadrilla’s operation. As part of this deal, Centrica has paid £40m and committed to a further £60m on the Bowland joint venture. A further contingent payment of £60m will be made following the achievement of operational milestones.
At this time, Cuadrilla reckons that at gas from the Lancashire field – the first to be fully explored in the UK – could be fuelling homes within three years. On the other hand, the company’s officials have more or less officially acknowledged the fact that even wide-scale exploitation of shale gas will have a very limited impact on household bills.
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