As the UK prepares for independence with the drilling of shale gas, others have been swept up by the confidence and invested heavily in the UK’s success. Many are seeing the drilling as a way to get Britain back on its feet, to reduce energy prices while removing the need for importing expensive energy.
A Vision of the Future
The government have a vision that fracking will underpin the country becoming an integral part of our presence in the global economy much the same as the coal industry did three decades ago. While some label this as ambitious, France have showed their interest by investing £30 million in the search for good sites in the Midlands.
Total, a major energy supplier, founded in France have invested heavily in return for a stake in the drilling licences. This confidence alone shows the profit potential for fracking and highlights the importance for the future of UK Energy.
Total will receive 40% under the deal of licences jointly owned by many smaller energy companies. It’s the first time any company of significant size has taken steps to invest in the UK fracking industry and while it’s a huge milestone for Total, it’s also a positive leap forward for our country too.
Banned in France
Based in France, it’s important to note that fracking is actually banned in France over fears it could cause climate damage. Using sand, water and chemicals it extracts the gas from rocks underneath the surface of the rocks. Some protestors have claimed it is unsafe, damaging to the environment and has the potential to cause earthquakes. France are reserving the right to ban the process until they’ve seen more evidence.
Although not confirmed many believe that Total’s investment in the UK fracking industry is a way to show France just how safe it is hoping the opinion will be changed. Either way, despite its own country’s stance on drilling for shale, Total have shown they believe the future of energy involves fracking.
Recently fracking sites were revealed in Lancaster with two now confirmed, one near Roseacre and another near Little Plumpton. Both sites nestle between Preston and Blackpool.