Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  IGAS Energy PLC    IGAS   GB00B29PWM59

Delayed Quote. Delayed  - 10/21 05:35:23 pm
12.5 GBp   +2.04%
10/17 IGAS ENERGY : Gets Evaluation Of Shale Reserves In Onshore UK Licens..
10/17 IGAS ENERGY : 17/10/2016 Publication of Competent Persons Report
10/12 IGAS ENERGY : To Meet Bondholders As It Seeks Covenant Waivers And F..
News SummaryMost relevantAll newsSector news 

IGAS Energy PLC : UK promises shale gas tax breaks, public benefits

share with twitter share with LinkedIn share with facebook
share via e-mail
03/20/2013 | 05:22pm CEST

Britain said on Wednesday it will introduce generous tax breaks for shale gas and tackle the nascent industry's public perception problem by making sure local communities benefit from resources found in their areas.

Chancellor George Osborne said in his annual budget announcement he will introduce a new gas field tax allowance for shale gas, an industry that he expects can help kick-start Britain's stagnant economy.

"Shale gas is part of the future and we will make it happen," he said while delivering his 2013 budget in parliament.

Britain, Europe's largest gas consuming nation, lifted a ban on shale gas fracking in December and is counting on huge shale gas reserves to help cut its dependence on expensive gas imports and to contribute to state coffers.

In the United States, the discovery of abundant shale gas reserves has caused a plunge in gas prices and put the nation on the path towards energy independence.

However, environmental concerns regarding fracking, the technology which involves injecting water and chemicals to break rock formations and extract shale gas, and its potential to trigger earthquakes has led to growing public opposition.

Britain will now try to stem public concerns about shale gas by announcing proposals by this summer on how local communities will benefit from shale gas projects in their areas.

"While the finance directors of the developers might be quite keen on getting tax breaks, the PR and the local communities issues are probably the bigger hurdles for them to jump over and the government seems to be doing something to help that pressure," said Ben Stansfield, senior associate at law firm Clifford Chance.


It is common for other energy project developers, for example operators of onshore wind farms, to create funds for local communities.

IGas Energy, a small company seeking a partner to help it explore for shale gas at its licences in northern England, said part of its challenges was educating people about the benefits of hydrocarbon extraction in their area.

"Most of the concerns are fears in advance, once people have actually seen things happening they're much more comfortable with it when they see what difference it can make locally," said Andrew Austin, IGas Energy's chief executive.

He also said he welcomed the government taking the lead on planning to align licensing and permitting processes at different levels.

In December, Britain established a dedicated office for shale gas as a single point of contact for the industry and it will be the body's responsibility to publish the local community benefit guidelines.

Another explorer focused on England's share reserves, privately-owned Cuadrilla, submitted at least 18 separate planning applications, local government data show, and has dealt with 31 British national planning policies to drill six exploratory wells.

Austin said clarity on planning issues would help make the sector more attractive to new investors.

The partnership of a bigger oil and gas firm with their financial firepower and technical know-how is seen as key to moving British shale gas from exploration to production.

"The UK is seen as a place where the government is supportive of shale gas and the appraisal and subsequent exploitation of it, so any amount of certainty that's given to people will obviously help them make the decision to invest," Austin said.

Environmental campaigners said using more gas in Britain's energy system was making it harder to meet legally-binding climate targets and that green energy projects should be supported instead.

"George Osborne needs to stop playing Britain's JR Ewing and instead back the shift to carbon free energy, which will create jobs and be cleaner, safer and cheaper over time," said Greenpeace Executive Director John Sauven.

(Editing by James Jukwey)

By Karolin Schaps and Sarah Young

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on IGAS ENERGY PLC
10/17 IGAS ENERGY : Gets Evaluation Of Shale Reserves In Onshore UK Licenses
10/17 IGAS ENERGY : 17/10/2016 Publication of Competent Persons Report
10/12 IGAS ENERGY : To Meet Bondholders As It Seeks Covenant Waivers And Formal Talks
10/06 IGAS ENERGY : London-List Companies Await Local Decisions As UK Approves Frackin..
10/05 IGAS ENERGY : Notes Deferral Of Planning Decision On Fracking In Nottinghamshire
10/05 IGAS ENERGY : 05/10/2016 Springs Road Planning Committee Meeting Adjourned
10/03DJEgdon Resources Gains Nine New UK Onshore Licenses
09/30 IGAS ENERGY : Talking To Bondholders As It Lowers Full-Year Production Target
09/27 IGAS ENERGY : 27/09/2016 Second Price Monitoring Extn
09/27 IGAS ENERGY : 27/09/2016 Price Monitoring Extension
More news
Sector news : Oil & Gas Exploration and Production - NEC
03:25pDJU.S. HOT STOCKS : Hot Stocks to Watch
05:35aDJAsian Shares Lower; Hong Kong Markets Shut Due to Typhoon
10/19DJWoodside Production, Revenue Rise on-Quarter
10/19DJChesapeake Energy to Revise Wyoming Pact
10/19DJAsian Shares Higher as Key China Data Meet Expectations
More sector news : Oil & Gas Exploration and Production - NEC
News from SeekingAlpha
2015 Shale explorers await U.K. fracking decision
2015 Understanding The Oil Market - An Industry Primer With Breakdown Of Recent Tr..
Financials ( GBP)
Sales 2016 37,0 M
EBIT 2016 2,40 M
Net income 2016 -
Debt 2016 -
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017 -
Capi. / Sales 2016 0,99x
Capi. / Sales 2017 -
Capitalization 36,6 M
More Financials
Duration : Period :
IGAS Energy PLC Technical Analysis Chart | IGAS | GB00B29PWM59 | 4-Traders
Full-screen chart
Technical analysis trends IGAS ENERGY PLC
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,35  GBP
Spread / Average Target 188%
Consensus details
EPS Revisions
More Estimates Revisions
Stephen D. Bowler Chief Executive Officer & Executive Director
Francis Robert Gugen Non-Executive Chairman
John Blaymires Chief Operating Officer & Executive Director
Julian Tedder Chief Financial Officer & Director
John Bryant Senior Independent Non-Executive Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CNOOC LTD30.56%61 290
More Results