French oil giant, Total is the first to invest in the UK’s attempt to retrieve Shale gas by fracking underground.
It has been revealed today that French giant Total will invest at least £12.7m into the UK’s shale gas industry.
The investment will be spend on two shale gas exploration sites in Lincolnshire as well as covering back costs. Total will also fund a work programme of $46.5 with a $19.5m minimum input.
“The entry of the first major into UK shale gas licences is a further endorsement of the potential that exits… and demonstrates strong support for our operating capability,” said IGas Energy chief executive Andrew Austin.
Total is the first of the oil majors to back the unconventional idea backed by UK Government.
Total’s senior vice president for Northern Europe Patrice de Vivies said the deal marked an “important milestone” in a “promising onshore play”.
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