Exxon Eyes Stake in UK Shale Gas Project - Report
12/16/2012| 07:04am US/Eastern
4-traders.com
Exxon Mobil Corp. ( >> Exxon Mobil Corporation) has entered talks to buy a stake in the Bowland shale gas project in in northwest England, owned by Igas Energy PLC ( >> IGAS Energy PLC), the Sunday Times reports, without citing sources.
The U.K. newspaper said the London-listed developer launched a search this summer for a partner to help it develop the project in Lancashire, adding that Royal Dutch Shell PLC (RDSB), Total SA ( >> TOTAL S.A.) and Statoil ASA ( >> Statoil ASA) are also considering bids.
Some bankers consider the process could ultimately lead to a takeover of IGas, valued at 125 million pounds ($202.1 million) at Friday's close, the newspaper said.
IGas wasn't immediately available for comment.
Full story: www.thesundaytimes.co.uk
Write to Michael Haddon at Michael.Haddon@dowjones.com
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Chemical firms hold talks over shale gas deals with Cuadrilla and IGas
By Tom McGhie, Mail on Sunday Senior Financial Correspondent
PUBLISHED: 09:06 EST, 16 December 2012 | UPDATED: 09:06 EST, 16 December 2012
thisismoney.co.uk
Big chemical firms have opened talks with shale gas explorers in Britain about tentative power deals.
Ineos Chlor, based in Runcorn, Cheshire, is reported to have had discussions with iGas and Cuadrilla – Britain’s leading shale gas drillers.
Other major chemical producers in the North West are also interested in the potential for cheap gas on their doorstep.
Confirmation of talks shows that the discovery of vast deposits of shale gas has energised industry. For the first time in years there is a chance of cutting the price of gas, a key cost to chemical giants.
The Government last week gave the go ahead for exploiting shale gas, which can only be recovered by using controversial drilling techniques known as fracking – where water and chemicals are injected into the ground at high speeds to explode and break up the gas-bearing rocks.
The Energy Intensive Users Group has written to the Commons’ Energy & Climate Change Committee outlining its enthusiasm for a gas fracking revolution.
It believes Britain has significant deposits. According to the Institute of Directors, Britain has enough reserves to meet ten per cent of current gas demand for the next 103 years, enough to offset the 60 per cent fall in gas production in the North Sea. |
