According to Atlas Asia Investment Partners, UK Prime Minister David Cameron is dangling the carrot of higher tax revenues to persuade opponents of fracking to embrace the process.
Kowloon, Hong Kong., March 3, 2014 - (PressReleasePoint) - Atlas Asia Investment Partners says councils in the United Kingdom will get to keep 100% of the tax revenue generated from shale gas schemes if they “get on board” with the controversial methods used in its extraction according to British Prime Minister, David Cameron.
The sweetener came as Mr. Cameron visited a fracking site in Lincolnshire in the northeast of England where a French energy firm has agreed to invest £30m drilling two exploratory wells. The Prime Minister insisted that adoption of the process could create thousands of jobs and result in a decline in household fuel bills.
“Hydraulic fracturing, or “fracking” for short, has been adopted readily in the US but British councils are rather more reluctant and cite water contamination and earth tremors as just two of the side effects of using the controversial process” said a Atlas Asia Investment Partners energy analyst.
The British Geological Survey estimates there are 1.3 trillion cubic feet of shale gas under the ground in the North East of England so Mr. Cameron is keen to tap the country’s natural resources particularly now that the UK’s North Sea Oil reserves are effectively exhausted and he maintains that the country’s tight environmental controls will protect the countryside from any adverse effects of the process.
Fracking involves drilling deep into the ground and forcing water, sand and other chemicals into small fissures to release the gas stored within.
Environmental groups accused the British government of trying to bribe councils with additional revenue in tight economic conditions.
We can understand the concerns over fracking but with the price of oil proving sticky at around $90-100 a barrel, cheap shale gas could provide real cost relief to energy users while only posing a very minimal risk to the environment,” said the Atlas Asia Investment Partners analyst.
About Atlas Asia Investment Partners
Atlas Asia Investment Partners is a wealth management firm specialising in asset management services for small- to mid-capitalised companies and high net worth individuals. Our philosophy is to grow and protect our clients' wealth by investing in profitable investment opportunities and by employing long-term growth strategies, including investment management, financial planning, quantitative research and due diligence to deliver the highest level of customer service.
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