LONDON, August 20, 2014 -- In a recent Q&A with Juliette Vazard of Shale World, Baker Botts Global Projects partner, Hamish McArdle shares his insights on UK and EU regulatory and tax incentives for European shale.
“Shale gas and oil, being one component of the energy supply mix of the broad umbrella EU energy policy framework has received prominence in terms of assessment of fitness for purpose of applicable regulations as well as scrutiny with regard to climate change and environmental impacts,” McArdle said.
When McArdle was asked about European regulatory framework, he stated, “The EU has spent a considerable amount of time evaluating the fitness for purpose of the existing regulatory regime. The overall conclusion has been that whilst there is inconsistent application of the current EU laws across the Member States they are broadly complaint and the portfolio of regulations are adequately addressing the risks.”
It has been researched that the development of shale gas in the UK could lead to £33 billion of investment in British business and the creation of over 64,000 new jobs over an 18 year timeframe. If safely and economically extracted, shale gas can develop a new onshore gas industry, ensuring a security of supply for the UK.
To read the entire Shale World Q&A with Hamish McArdle, please click here.
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