Farmers to become new oil barons?

28 November 2001

Farmers to become new oil barons?

By Adrienne Francis

FARMERS in Nottinghamshire could benefit from a Canadian firm which is prospecting for oil said to be worth 200 milion in the area.

The front page of the review section of the Independent says the oil firm has just received licences from the British government to begin drilling.

The company bought licences for prospecting rights over 52,611ha (130,000 acres) of East Midlands land, after spending more than 1m on seismic surveys.

City financiers Loeb Aron said 200m could be shared between the Canadian oilmen, British investors and the farmers under whose land the oil lies.

One farmer, Neil Stubbs of Hall Farm, near Bingham, Nottingham, said any money made would be a help after three years of disastrous farm incomes.

“Commodity prices have halved and fuel costs have doubled, and we havent made any money at all. Its only the subsidy cheques that keep us afloat.”

Jo Gresty, land agent for the Crown Estates, which owns much of the land in the area, said: “Wed certainly want our cut.”


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