Fracking cash to be given out

Abshot Road in Fareham. Credit: Google Street View

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PROPOSALS have been announced which would see payments of £20,000 per fracking well.

Energy minister Michael Fallon unveiled a plan for compensation to be distributed after consultation with local community groups.

This would be in addition to one-off £100,000 payments in areas with fracking sites and a one-per-cent share of profits made.

The consultation was released alongside a report by the British Geological Survey (BGS) which found there are an estimated 4.4 billion barrels of shale oil in vast parts of southern England.

The study of the Weald Basin, which includes parts of Hampshire and West Sussex, found there could be 2.2-8.5 billion barrels of shale oil.

The BGS stressed that these numbers are for resources and not reserves. Shale oil exploration in the United States has only been able to access up to 10 per cent of the total oil. The study also found there is unlikely to be any shale gas potential in the area.