French oil company Total SA said it bought a 40% stake in two shale-gas exploration licenses in the U.K., the first major oil company to invest in the country's unconventional gas reserves.
French oil company Total SA said it bought a 40% stake in two shale-gas
exploration licenses in the U.K., the first major oil company to invest in the
country's unconventional gas reserves.
The company's statement confirmed weekend reports, and while Total didn't
confirm the amount it plans to invest, people close to the matter estimated the
investment at $50 million.
The move is a tiny one by global energy industry standards, but Total's
decision is a significant vote of confidence in
Britain
's
shale-gas prospects, and could be a boost to the government in
London
,
which has sought to lure big companies to develop shale hydrocarbon.
After the transaction, Total's partners in the shale-gas venture will be Dart
Energy Ltd, Egdon Resources PLC, IGas Energy PLC and eCORP International LLC,
Total said. Dart will retain a 17.5% stake, while IGas and Egdon will keep
14.5% each and eCORP will retain 13.5%.
With about $2 billion of investment in the
U.K.
each
year, Total expects to become the country's largest gas producer by 2015.
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