The deal to sell Eden Energy’s 50% share in the Somerset exploration and extraction licenses to a new company Shale Energy PLC fell through a few months ago but has now been approved on the basis of “significantly higher terms” than the original deal. See Shale Energy Insider for details.
NB This Shale Energy Insider item also says that a recent report by Department of Energy and Climate Change says that “shale gas production in Britain should have no adverse effects on the UK’s ability to reach its targets for climate change to allay fears about environmental impact“, however this is shameless cherry-picking on the part of Shale Energy Insider which fails to note that the authors of the report, Professor David MacKay and Dr Timothy Stone, also says that it is cumulative global emissions which are important and that:
“The view of the authors is that without global climate policies (of the sort already advocated by the UK) new fossil fuel exploitation is likely to lead to an increase in cumulative GHG emissions and the risk of climate change.”
They feel so strongly about this that they say it twice:
“The view of the authors is that without global climate policies (of
the sort already advocated by the UK) new fossil fuel exploitation is likely to lead to an increase in cumulative carbon emissions and the risk of climate change. We would strongly encourage continued efforts from the UK and internationally to address this issue, proportionate to the emissions involved.”
MacKay and Stone also say that UK shale gas will have little impact on UK gas prices. Read the report for yourself here.