Energy

The company is talking to Cuadrilla Resources about buying a stake in its licences in the Bowland shale formation in Lancashire.

The news comes just days after IGas, one of the companies granted a licence to explore parts of the UK, speculated that the UK could be sitting on top of untold shale gas resources.

Cuadrilla is among a small number of companies exploring the UK's shale gas potential. The company estimates that there may be as much as 200 trillion cubic feet of shale gas in its licensed areas.

It was in July of 1969, during the presidency of Juan Velasco Alvarado, that Petroperu was created based on La Pampilla Sate Refinery and expropriated refineries. In the more than four decades since the company has been a major contributor to the country’s economy.

The company believes that there may be up to 170 trillion cubic feet of gas in the areas it is licensed to explore in northern England alone.

IGas is one of the companies granted a licence by UK authorities to explore parts of the country believed to contain large resources of shale gas. The company's licences cover an area of 300 square miles across Cheshire.

The US company, which specialises in using turbines mounted on tethered kites or wings to generate power, is to become part of Google X, the secretive research and development arm of the business.

It is estimated that the 40MW farm off the north-west coast of Lewis will ultimately produce enough energy to power around 30,000 homes.

Wave energy firm Aquamarine Power said it would begin installing its Oyster devices in the next few years, once grid infrastructure is put in place. The project will be carried out by Aquamarine subsidiary Lewis Wave Power Limited.

Les Gaz Industriels Limited (LGI) was originally incorporated as a private company in 1952, with 100 percent Mauritian equity and the core aim of producing oxygen and acetylene for metal cutting and welding purposes. Eleven years later a majority stake in the business was acquired by leading South African gas company African Oxygen Ltd (Afrox).

The IEA believes that the level of these reserves will result in the US accounting for a third of new oil supplies, thus transforming it from the world's leading importer of oil into a net exporter.

"North America has set off a supply shock that is sending ripples throughout the world," said IEA executive director Maria van der Hoeven.

Located 200 miles south of New Orleans, Louisiana, the Julia field is believed to contain as much as six billion barrels of oil and gas. The agreement between the two companies will see $4 billion ploughed into the field’s development, which Exxon and Statoil claim has a 40 year life span.

Few companies can provide a dedicated team-led approach to decommissioning like Optimus. The Aberdeen-based oil and gas engineering consultancy has gone from strength to strength since it launched Optimus Decom in 2010, a subsidiary established to meet growing demand for its engineering services for the decommissioning of on and offshore oil and gas facilities.

Having beaten off France’s Total to the deal, Shell will now work with ADNOC to develop the Bab field. The project in question, which could be worth up to $10 billion over the course of its lifetime, is considered to be a particularly complex undertaking as it contains sour gas, a poisonous and foul smelling product.