CUADRILLA WELCOMES SHALE GAS WEALTH FUND

Cuadrilla warmly welcomes the Chancellor’s announcement in today’s Autumn Statement that 10% of tax revenues from shale gas developments, up to a maximum of £10m per site, will be put into a Shale Wealth Fund which could deliver up to £1 billion of investment in local communities hosting shale gas developments over the next 25 years.

Cuadrilla CEO Francis Egan said:

“This is great news for Lancashire and other communities where we already know the potential for shale gas development is huge.  This provides a very considerable opportunity on top of the 1% of pre-tax production revenues that shale gas companies have already committed to put back into local communities if future shale gas exploration proves successful”.

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