LONDON: UK energy company Cuadrilla said Friday it has extracted a small but “encouraging” amount of shale gas for the first time since resuming fracking in Britain less than three weeks ago.
The 11-year-old private firm has borne the brunt of protests for trying to test whether fracking — a process in which water and chemicals are used to blast apart rock formations — can unlock natural gas deposits in the UK.
The method has transformed the global energy market but is only developing slowly in Europe.
“The volumes of gas returning to surface at this stage are small,” Cuadrilla chief executive Francis Egan said in a statement.
“However it provides early encouragement that the Bowland Shale can provide a significant source of natural gas to heat Lancashire and UK homes and offices and reduce our ever growing reliance on expensive foreign imports.”
Government data show natural gas being used to meet around 40 percent of Britain’s power and nearly 90 percent of its heating needs.
But UK gas production rates have been falling and it became a net importer of the fuel in 2004.
Firms such as Cuadrilla are hoping to step in and begin meeting some of the demand that is now primarily being filled by energy-rich Norway.
Cuadrilla produced small amounts of shale gas at the same site in 2011.
It was then forced to halt operations because two small earthquakes were soon registered in the northwestern part of England where its operations are based.
It resumed work on October 15 after adopting more stringent safety and regulatory measures that environmentalists said were still insufficient.
The company has since been forced to briefly halt drilling on three occasions because minor tremors began being detected deep underground.
Cuadrilla stressed at the time that none of them could either be felt or cause physical damage on the surface.
“This Preston New Road site is being monitored to an unprecedented level,” Egan said in Friday’s statement.
Greenpeace UK chief John Sauven called the fracking announcement a blow to campaigners’ efforts to win government backing for alternative fuels such as wind power.
“It is truly bewildering how little fossil fuel companies need to offer in order to get whole-hearted, full-throated government support, and how much clean technologies can offer and still be blocked,” Sauven said.
Cuadrilla said on its website that tests from 2011 suggest it can produce 6.5 billion cubic feet (185 million cubic meters) of gas from the Bowland Shale well over 30 years.
The figure corresponds to about five times the volume of gas produced in Britain last year.
UK fracking firm produces first shale gas
UK fracking firm produces first shale gas
Dubai Financial Market reports $288.6m profit for 2025 - up 159%
RIYADH: Dubai Financial Market reported net profit before tax of 1.06 billion dirhams ($288.6 million) in 2025, up 159 percent from a year earlier.
The improved performance was driven by sustained confidence in Dubai’s capital markets and a year of heightened trading activity, with momentum continuing through the fourth quarter.
The results coincided with the exchange marking 25 years since its establishment in 2000, highlighting its evolution into a more globally connected and institutionally active marketplace, according to a report by the Emirates News Agency.
For the full year ending Dec. 31, total consolidated revenues rose to 1.28 billion dirhams, while earnings before interest, tax, depreciation and amortization reached 1.13 billion dirhams, translating into an EBITDA margin of 88 percent.
The results come as Dubai pushes ahead with its D33 agenda to double the emirate’s economy by 2033 and deepen its position as a global financial hub.
The UAE central bank has pointed to solid capital markets momentum and low sovereign risk indicators in 2025, underscoring the confidence backdrop for higher trading activity.
Helal Al-Marri, chairman of DFM, said: “DFM’s performance in 2025 reflects the continued strength of Dubai’s capital markets and the confidence of global investors in the emirate’s economic vision.
“As we mark 25 years since the establishment of DFM, the exchange continues to play a central role within Dubai’s financial ecosystem, supporting transparency, liquidity, and long-term market development in line with the Dubai Economic Agenda D33.”
Fourth-quarter net profit before tax increased to 124.4 million dirhams from 110.6 million dirhams in the same period of 2024, reflecting sustained trading momentum toward year-end.
Market performance remained strong throughout the year, with the DFM General Index rising 17.2 percent and total market capitalization reaching 992 billion dirhams.
Average daily traded value climbed to 692 million dirhams, while total traded value amounted to 174 billion dirhams, marking the highest liquidity levels in more than a decade.
The average daily number of trades rose 31 percent year on year, driven by increased institutional and cross-border activity.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “In 2025, DFM continued to build on the progress of recent years, supported by steady trading activity, growing international participation, and ongoing enhancements to our market infrastructure.”
He added: “Our focus throughout the year remained on improving market accessibility, supporting a broad range of investment activity, and ensuring the market continues to operate efficiently for both issuers and investors. As we mark 25 years of DFM, we remain committed to developing the market in line with Dubai’s long-term capital markets ambitions.”
Investor participation broadened further during the year, with 97,394 new participants joining the market, of which 84 percent were foreign.
Foreign investors accounted for 51 percent of total trading value, while institutional investors represented 71 percent of trading activity.
The total investor base reached 1.25 million, reinforcing DFM’s position as a destination for regional and international capital.
Capital-raising activity also expanded DFM’s sectoral footprint.
The exchange hosted Dubai Residential REIT, the region’s first publicly traded residential leasing real estate investment trust, which attracted subscriptions 26 times over and total demand of 56 billion dirhams.
It also saw the secondary public offering of Emirates Integrated Telecommunications Co., alongside the initial public offering of ALEC Holdings, the UAE’s largest construction-sector listing to date, which generated subscriptions of 30 billion dirhams, representing an oversubscription of 21 times.
Innovation and market development remained a focus in 2025, with the launch of a centralized securities lending and borrowing framework and further enhancements to digital platforms, including AI-enabled features on iVestor.
DFM also strengthened its international engagement through global roadshows and partnerships, including a memorandum of understanding with the Taiwan Stock Exchange aimed at supporting cross-border listings and investor outreach.
Looking ahead, the exchange said it remains focused on enhancing liquidity, expanding product offerings, and deepening global connectivity, supported by a strong financial position and a diversified investor base.
