• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 3 hours Its going to be an oil bloodbath
  • 37 mins Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 2 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 hour Marine based energy generation
  • 2 hours Cpt Lauren Dowsett
  • 1 hour The Most Annoying Person You Have Encountered During Lockdown
  • 4 hours Which producers will shut in first?
  • 12 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 13 hours CDC covid19 coverup?
  • 3 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 3 hours Washington doctor removed from his post, over covid
  • 13 hours How to Create a Pandemic
  • 13 hours Iran-Turkey gas pipeline goes kaboom. Bad people blamed.

Breaking News:

IEA: OPEC Can’t Save The Oil Market

UK Releases Impressive Shale Estimates, Relaxes Tax Regime

Bottom Line: As the UK doubles its shale reserve estimates, plans are in the works for lowering the proposed shale production tax rate by half.

Analysis: The UK is aiming to make its shale production tax regime the most favorable in the world with the announcement that it may reduce the initial production tax rate to 30% from the current maximum of 62% on oil and gas extraction.

The UK lifted its moratorium on fracking in 2012. In April, the UK released the findings of a 2-year investigation, saying the shale gas potential was very high. In late June, the British Geological Survey released its long-awaited findings: The Bowland shale formation in Northern England is estimated to hold around 1,300 trillion cubic feet of natural gas, though only 10-15% of this is recoverable. (Previous estimates had put the reserves at about 5.3 trillion cubic feet.) This is only the BGS’s lower estimate: the upper estimate is 2,281 tcf--almost the total estimated American shale reserve of 2,500 tcf—and it does not include other potential shale areas in South of England or the Central Basin in Scotland.

Those who have gotten in on the exploration game early enough here are promising local communities a 1% share of output revenues to quell dissent. Shale operators will also be exempted from an additional tax charge of 32% at the onset of operations. The biggest player on this scene right now is Cuadrilla Resources Ltd. (not traded), followed by iGas Energy Plc…




Oilprice - The No. 1 Source for Oil & Energy News