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London - British Prime Minister David Cameron on Monday promised tax breaks worth millions of pounds to local councils who encourage shale gas development, declaring the country was going "all out for shale".
Cameron announced that local authorities in England will collect all of the tax collected from shale gas sites -- double the current 50% figure.
The government calculates that this could be worth up to £1.7m a year for a typical site.
Exploitation
"We're going all out for shale," Cameron said in a statement released by his Downing Street office.
"It will mean more jobs and opportunities for people, as well as economic security for our country."
The government hopes the move will ensure that local communities benefit more from the exploitation of shale gas resources in their area.
The industry last year announced plans for local communities to receive £100 000 when a test well is "fracked" -- and a further 1% of revenues if shale gas is discovered.
Opportunities
Fracking involves the blasting open of deep fissures using high pressure water jets in order to collect previously unreachable sources of gas.
Business minister Michael Fallon earlier said Britain had to "embrace the extraordinary opportunities offered by shale gas", despite protests from environmentalists about the possible contamination of groundwater.
Cameron announced that local authorities in England will collect all of the tax collected from shale gas sites -- double the current 50% figure.
The government calculates that this could be worth up to £1.7m a year for a typical site.
Exploitation
"We're going all out for shale," Cameron said in a statement released by his Downing Street office.
"It will mean more jobs and opportunities for people, as well as economic security for our country."
The government hopes the move will ensure that local communities benefit more from the exploitation of shale gas resources in their area.
The industry last year announced plans for local communities to receive £100 000 when a test well is "fracked" -- and a further 1% of revenues if shale gas is discovered.
Opportunities
Fracking involves the blasting open of deep fissures using high pressure water jets in order to collect previously unreachable sources of gas.
Business minister Michael Fallon earlier said Britain had to "embrace the extraordinary opportunities offered by shale gas", despite protests from environmentalists about the possible contamination of groundwater.
