BP has ruled itself out of drilling for shale gas in the UK, at least for now – indicating it fears its damaged safety record from the Gulf of Mexico spill would make it a target for protesters.
Bob Dudley, chief executive of the oil group, claimed BP invented the technique of fracking, or hydraulic fracturing, in the 1940s.
Despite being involved in shale fracking in North America and elsewhere, Dudley said BP would not get involved in Britain.
"We think we would attract the wrong kind of attention," he said. But he supported attempts by the government to stimulate a search for more domestic onshore fossil fuels.
"It does look like there is shale in the UK ... It would seem right for the country to see whether there is shale gas," he told a media briefing for BP's 2013 financial results.
The comments came as the exploration company Cuadrilla, where ex-BP boss Lord Browne is chairman, said it would apply to drill and frack a total of eight wells at two new sites in Lancashire.
Last week, Browne said it could take five years and up to 40 wells before it was known whether or not the UK could support a commercially viable shale industry.
BP continues to be dogged by the reputational damage and financial losses associated with the Deepwater Horizon accident of spring 2010.
The group has spent over $1bn (£610m) on lawyers and has taken charges amounting to $42.7bn so far.
theguardian.com
Bob Dudley, chief executive of the oil group, claimed BP invented the technique of fracking, or hydraulic fracturing, in the 1940s.
Despite being involved in shale fracking in North America and elsewhere, Dudley said BP would not get involved in Britain.
"We think we would attract the wrong kind of attention," he said. But he supported attempts by the government to stimulate a search for more domestic onshore fossil fuels.
"It does look like there is shale in the UK ... It would seem right for the country to see whether there is shale gas," he told a media briefing for BP's 2013 financial results.
The comments came as the exploration company Cuadrilla, where ex-BP boss Lord Browne is chairman, said it would apply to drill and frack a total of eight wells at two new sites in Lancashire.
Last week, Browne said it could take five years and up to 40 wells before it was known whether or not the UK could support a commercially viable shale industry.
BP continues to be dogged by the reputational damage and financial losses associated with the Deepwater Horizon accident of spring 2010.
The group has spent over $1bn (£610m) on lawyers and has taken charges amounting to $42.7bn so far.
theguardian.com
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