Owners of prospective U.K. shale acreage spurned interest from four of the world's biggest oil companies Exxon Mobil Corp. (XOM), Royal Dutch Shell PLC (RDSA.LN), Total SA (TOT) and Statoil ASA (STO) in favor of a deal with Centrica PLC (CNA.LN), a person familiar with the matter said Friday.
Owners of prospective U.K. shale acreage spurned interest from four of
the world's biggest oil companies Exxon Mobil Corp. (XOM), Royal Dutch Shell
PLC (RDSA.LN), Total SA (TOT) and Statoil ASA (STO) in favor of a deal with
Centrica PLC (CNA.LN), a person familiar with the matter said Friday.
The
U.K.
's
largest energy retailer Centrica, which owns British Gas, was favored due to
its perceived ability to more easily maneuver through political risks, the
person said.
"Centrica's expertise in the energy sector as both an operator and
developer provides a welcome boost for the growth of shale gas in the
U.K.," said U.K. Energy Minister Michael Fallon in a statement following
Centrica's announcement Thursday that it would invest up to £100 million ($156.8
million) in the Bowland shale formation, initially acquiring a 25% interest for
£40 million from Cuadrilla Resources Ltd., the U.K.'s leading shale-gas
explorer, and Australian energy-and-mining company AJ Lucas Ltd. (AJL.AU).
The deal underscores the growing interest in
U.K.
shale
gas reserves as the government there seeks to replicate the North American
shale gas revolution that has transformed the
U.S.
energy market. It is hoped a shale gas boom could assist in shaking off
economic stagnation by lowering the cost of energy for businesses and
consumers, and creating jobs. No shale gas has yet been produced in the
U.K.
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