France's Total SA (TOT) is looking at shale gas opportunities in Britain, Chief Executive Christophe de Margerie said Tuesday in the first strong sign of interest from an oil major in the U.K.'s nascent industry.
France
's
Total SA (TOT) is looking at shale gas opportunities in
Britain
,
Chief Executive Christophe de Margerie said Tuesday in the first strong sign of
interest from an oil major in the
U.K.
's
nascent industry.
Mr. de Margerie said the company is in talks to take a stake in a project in
the
U.K.
and
is also considering bidding in next year's onshore licensing round.
He declined to say which company or companies are involved in the talks with
Total, which would be the first oil major to enter the
U.K.
industry.
His comments come as IGas Energy PLC prepares to drill an exploration well in
the Bowland shale in northwest
England
during the current quarter.
Inspired by the
U.S.
shale
boom, the
U.K.
government is keen to boost the nation's energy security in the face of
declining domestic natural gas output.
But progress has been slow. Supportive government policies and attractive tax
incentives have bumped up against strong local opposition to hydraulic
fracturing, the controversial technology used to release the gas from the rock
And while most major energy companies are involved in the development of shale
resources in the U.S. and elsewhere in Eastern Europe, they have so far shown
little interest in the U.K., which is dominated by very small companies and one
U.K. utility Centrica PLC.
Royal Dutch Shell PLC CEO Peter Voser has said shale development in the
U.K.
and
Europe
was
unlikely to take off until the next decade and even then would be on a smaller
scale than in the
U.S.
To date there has been no commercial shale gas production in the
U.K.
Only
a handful of exploration wells have been drilled, making it tough to estimate
the country's reserves reliably.
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