UK creates new office for unconventionals

Speech: UK Chancellor of the Exchequer George Osborne delivers his autumn budget in parliament this week

The UK has created a new regulatory body to oversee unconventional gas exploration and production and pledged further consultation on tax measures and licensing for the fledgling sector.

The announcement was made by Chancellor of the Exchequer George Osborne as the Conservative and Liberal Democrat coalition government also unveiled a new strategic plan to underpin natural gas development and its use in power generation.

Osborne told parliament: “We don’t want British families and businesses to be left behind as gas prices tumble on the other side of the Atlantic.”

He said the gas strategy would ensure the UK made “the best use of lower cost gas power, including new sources of gas under the land”.

The newly created Office for Unconventional Gas…

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