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UK government amends fracking consultation details
The UK’s new Prime Minister, Theresa May, has made amendments to a planned public consultation regarding the implementation of the Shale Wealth Fund announced in last year’s Autumn Statement. Under the scheme, up to 10% of all tax revenue arising from shale gas production is to be used to benefit those communities which host shale gas production. It is thought that the Shale Wealth Fund could provide up to £1bn in funding over 25 years with a maximum pay-out to each eligible community or region of £10mn over that same period.
The Shale Wealth Fund would be in addition to the existing industry commitment to contribute £100,000 at the exploration phase in relation to each hydraulically fractured well site and 1% of total revenue from the production from those sites to local communities.
The new plans would, if implemented, allow local residents to benefit directly from the Shale Wealth Fund rather than only through community organisations and local government.
News Item details
Journal title: Petroleum Review
Subjects: Policy and Governance, Shale gas, Hydraulic fracturing, Taxation, Funding
