🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UK gives go-ahead for Cuadrilla shale gas fracking permit

Published 06/10/2016, 08:17 pm
Updated 06/10/2016, 08:20 pm
© Reuters.  UK gives go-ahead for Cuadrilla shale gas fracking permit
AJL
-

LONDON, Oct 6 (Reuters) - The British government approved one of two Cuadrilla shale gas fracking permits on Thursday, using new powers that allow it to overturn a local government decision against the permits made last year.

Britain's Department for Communities and Local Government said it was also minded to approve the second permit but has asked for further evidence on road safety.

In mid-2015, Lancashire County Council rejected Cuadrilla's requests to carry out fracking, saying the work would cause too much traffic and noise.

Soon after, Britain gave its communities minister power to directly approve shale gas permits. is estimated to have substantial amounts of shale gas trapped in underground rocks and the government is supportive of extracting these resources to help offset declining North Sea oil and gas output.

Australia's AJ Lucas AJL.AX holds a large stake in Cuadrilla.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.