Total Buys Stake in Two UK Shale Gas Licences
Total announced that it has acquired a 40% interest in two shale gas exploration licences in the United Kingdom. The interests are in Petroleum Exploration & Development Licences 139 and 140 in the Gainsborough Trough area of the East Midlands region of the UK which cover an area of 240 km2.
Commenting on the acquisition, Patrice de Viviès, Total’s Senior Vice President for Northern Europe, said: “This opportunity is an important milestone for Total E&P UK and opens a new chapter for the subsidiary in a promising onshore play. The Group is already involved in shale gas projects in the US, Argentina, China, Australia and in Europe in Poland and in Denmark, and will leverage its expertise in this new venture in the UK.”
On completion of the transaction, Total’s partners in the project will be GP Energy Limited (a subsidiary of Dart Energy Europe) (17.5%), Egdon Resources UK (14.5%), Island Gas (IGas) (14.5%) and eCorp Oil & Gas UK (13.5%). IGas will be the operator of the initial exploration programme, with Total subsequently taking over operatorship as the project moves towards development.
LNG World News Staff, January 13, 2014; Image: Total