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Government announcement: Going all out for shale
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Newspapers today have reported new announcements by David Cameron in relation to shale oil and gas projects in England, with measures intended to ensure that local communities see the benefits of the new shale industry in their area.
The government will double the amount of tax that local councils in England can retain which is raised from shale gas sites. Councils will now be entitled to keep 100% of the business rates raised from a shale gas site, which reports suggest could be worth up to £1.7 million per year.
Mr Cameron also said that new rules would allow energy companies to make cash payments, either directly to homeowners living in the vicinity of shale project sites, or into funds that would be managed by local communities.
Reports indicate that industry will consult with local communities on how to best distribute funds of up to £10 million over the lifetime of a typical shale project site. This amount will consist of a lump sum payment of £100,000 upon the fracking of a test well, together with 1% of revenues raised by that site if a project is subsequently developed.
These new announcements show the government's commitment to developing a shale industry in England in a way that will see direct benefits going to those communities most affected by shale development.
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