Third Energy Onshore
Third Energy Onshore Ltd is a UK company involved in oil and gas exploration, including proposals for fracking operations in Kirby Misperton, North Yorkshire. It is 97% owned by Barclays' private equity division, Barclays Natural Resource Investments;[1] its ultimate parent company, Third Energy Holdings, is based in the Cayman Islands.[2]
The company was incorporated as Viking Petroleum UK Ltd in October 2003.[3] In December 2003, it acquired a 40% holding in the Ryedale gasfields in North Yorkshire from Edinburgh Oil and Gas plc.[4] In October 2013, Viking acquired Tullow Oil's 60% share in onshore oil interests relating to the North Yorkshire gas fields and operation of the gas-fired Knapton Power Station in October 2013[5] (Knapton is supplied by gas wells in the Kirby Misperton area).[6] Viking changed its name to Third Energy Onshore in October 2013.[3]
Kirby Misperton fracking
In November 2014, Third Energy announced its intention to apply for permission to frack near Kirby Misperton.[1][7] In July 2015 Third Energy applied to North Yorkshire County Council for planning permission to frack a well drilled in 2013 and to produce gas from it. Permission was granted in May 2016; Friends of the Earth and a local pressure group, Frack Free Ryedale, applied for judicial review of the decision,[8] but this application was rejected in December 2016.[6][9] In October 2017, Third Energy announced its intention to begin fracking within weeks.[10][11]
In November 2017, opponents to the fracking operation called upon the company to confirm its financial standing before commencing work; the company was over a month late in filing its accounts[12] (which were eventually filed on 1 February 2018).[13] In January 2018, Business Secretary Greg Clark said permission for Third Energy to frack would not be granted until financial checks had been completed by the Infrastructure and Projects Authority,[14] amid concerns about its resilience and ability to fund clean-up costs.[2] The 2016 accounts of Third Energy UK Gas Ltd showed it made a £3.4m loss (down from a £3.85m loss in 2015), but owed £44.7m to its ultimate parent company, Third Energy Holdings, based in the Cayman Islands.[2]
Third Energy began removing equipment from the site in early February 2018,[15] as questions about the company's finances and management continued, including about the September 2017 appointments[16] of former Carillion interim CEO Keith Cochrane as non-executive chairman,[17] and of Jitesh Gadhia, a Conservative party peer and donor and a non-executive director at HM Treasury body UK Financial Investments (which advises government on dealing with financially distressed businesses) as a non-executive director.[2] Cochrane and Gadhia resigned as directors in September 2018.[18]
References
- 1 2 Gosden, Emily (25 November 2014). "Barclays-backed business applies to frack near Flamingo Land in North Yorkshire". Telegraph. Retrieved 10 February 2018.
- 1 2 3 4 Vaughan, Adam (19 February 2018). "Fracking row: Treasury 'showing shambolic conflict of interest'". Guardian. Retrieved 20 February 2018.
- 1 2 "THIRD ENERGY ONSHORE LIMITED". Companies House. Retrieved 10 February 2018.
- ↑ "Edinburgh Oil & Gas Disposal". FE Investigate. Retrieved 10 February 2018.
- ↑ "UK: Tullow completes Thames acquisition and sells onshore operations". Energy-Pedia News. 1 December 2003. Retrieved 10 February 2018.
- 1 2 Evers, Angus (10 February 2017). "Hydraulic fracturing - the third way". Shoosmiths. Retrieved 10 February 2018.
- ↑ Morrison, Caitlin (26 November 2014). "Barclays-backed firm Third Energy plans to start fracking in North Yorkshire". City AM. Retrieved 10 February 2018.
- ↑ Grimwood, Tom (17 June 2016). "Fracking challenge lacks real legal merit says law firm". Utility Week. Retrieved 10 February 2018.
- ↑ "Approved Judgement" (PDF). Royal Courts of Justice. Retrieved 10 February 2018.
- ↑ Kentish, Benjamin (5 October 2017). "Onshore fracking to begin in UK 'within weeks'". Independent. Retrieved 10 February 2018.
- ↑ "First UK shale gas frack in North Yorkshire weeks away". ITV News. 5 October 2017. Retrieved 10 February 2018.
- ↑ Gosden, Emily (6 November 2017). "Opponents tell Barclays-backed fracking firm Third Energy to show its accounts". Times. Retrieved 10 February 2018.
- ↑ Mackie, David (7 February 2018). "Fracking firm Third Energy hands in late accounts". Gazette & Herald. Retrieved 12 February 2018.
- ↑ "Kirby Misperton fracking permission postponed for financial checks". BBC News. BBC. 25 January 2018. Retrieved 10 February 2018.
- ↑ "Kirby Misperton fracking: Company to remove equipment". BBC News. BBC. 7 February 2018. Retrieved 10 February 2018.
- ↑ Duke, Simon (3 September 2017). "City veterans Keith Cochrane and Lord Gadhia go fracking in Yorkshire". Times. Retrieved 20 February 2018.
- ↑ Helm, Toby (10 February 2018). "Carillion links put fracking firm's scheme in doubt". Guardian. Retrieved 10 February 2018.
- ↑ Hayhurst, Ruth (18 September 2018). ""City heavyweights" resign from fracking firm, Third Energy". Drill or Drop. Retrieved 19 September 2018.