Lloyds Banking Group Plc is looking to support shale gas investments in Australia, according to a Bloomberg report. The bank is currently in negotiations with US energy companies that are in plans to mobilise experience and resources in establishing and developing shale plays in US to Australia, which in recent times has gained gained momentum in the shale domain.

"The next shale gas opportunity will be Australia," Andrew Moorfield, managing director and global head of oil and gas at Lloyds, said in a phone interview to Bloomberg. "We believe it's the next big play and that the shale gas story in Australia is going to happen faster than people expect." Australia also boasts of a thriving Asian market for natural gas that the energy companies are eyeing to capture, he said, refusing to divulge further details about the companies that are vying for a share.

"Financing discussions are well-progressed across a range of our offices with companies looking to enter Australian shale gas," Moorfield said. "What we'll see is steady foreign investment into shale gas in Australia, and that investment will primarily come from the U.S."

Speaking on the anticipated hindrances to companies looking to invest in Australian shale, Moorefield said labor shortage and insufficient infrastructure are potential obstacles.

Some of the energy giants already making roadways in to Australian shale are US' ConocoPhillips and UK's BG Group Plc who have identified Australian partners to undertake joint ventures.

According to the U.S. Energy Information Administration Australia holds almost 400 trillion cubic feet of estimated shale gas resources that may be recoverable.

Tags: Lloyds Banking Group Plc