Barclays is backing the search for shale gas in Yorkshire and could fund fracking, or hydraulic fracturing, in the area as early as next year.
Third Energy, which is 97 per cent-owned by Barclays Natural Resource Investments, a private equity arm of the bank, took shale rock samples while drilling in Kirby Misperton, Ryedale, in North Yorkshire this summer and is now analysing their potential, The Sunday Telegraph reported yesterday.
The company has drilling rights across a 400 square kilometres area around the Vale of Pickering, which sits above part of the Bowland shale formation. The British Geological Survey estimates that 1,300 trillion cubic feet of shale gas lies within the Bowland, which stretches from Cheshire to Yorkshire. If 10 per cent could be extracted it could meet UK needs for 40 years.
David Robottom, Third Energy’s chief financial officer, said if the test results – due in the next few months – were “very encouraging”, it would then seek to drill three to four wells “as soon as possible” to further test the potential.
These could include drilling horizontal wells and fracking to test how the gas flows, he confirmed. “That’s one of a number of options.”
Any drilling would first require planning approval and Mr Robottom said this was a “big unknown” in potential timescales. If tests are conducted next year and are successful, commercial production would not begin until 2017 at the earliest.
“Even if we are incredibly lucky and win the lottery, you are looking at three to five years,” he said.
Ministers hope shale gas could bring down energy prices but Mr Robottom said it was “far to early to say” until more drilling took place.
He said the Bowland shale rocks spanned from a depth of about 1,800 metres to 3,600 metres. Third Energy drilled to about 3,100 metres this summer while drilling a well at Kirby Misperton to produce gas from a conventional gasfield.
However, plans to develop fracking in England’s biggest county have upset locals who are concerned about the environmental impact. Anti-fracking campaigners brought their protest to Malton in North Yorkshire last month with a day of action against the operations proposed in Ryedale.
Members of York and Ryedale Friends of the Earth are calling on North Yorkshire county council to pledge that it will not allow fracking operations in the area ahead of a possible new round of licensing.
Josie Downs, one of the campaigners, said the group spoke to dozens of concerned residents and passers-by throughout the course of the day.
“Nearly everyone we spoke to said that they don’t want to see fracking in Ryedale,”she said.
* agencies
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Killing of Qassem Suleimani
Killing of Qassem Suleimani
