According to sources, Centrica PLC is close to acquiring a stake in shale gas fields in England. Centrica is in its final part of negotiating a deal to buy a share in the Cuadrilla Resources Ltd.'s licenses. Spokesperson from Centrica refused to give comments while Cuadrilla CEO Francis Egan said he couldn't give any statement with said report.
Cuadrilla CEO John Browne said that the gas firm may have enough gas to raise the UK reserves to more than eight times its current level. Prime Minister David Cameron has called to accelerate drilling after explorations were slowed by issues concerning the environment. This will help reduce gas imports and lower energy bills.
Centrica PLC produces gas coming from the offshore fields near Morecambe Bay. This will help Cuadrilla finance the development of its licenses once drilling explorations confirms possible deposits. Centrica CEO Sam Laidlaw said that shale holds potential source supply after the existing fields declined. The UK based firm is the owner of British Gas, the biggest fuel seller to households in UK.
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