Ineos has announced its plans to invest $1 billion in UK shale gas exploration and appraisal, with substantial further investment if the company moved into development and production.
If Ineos wins all the Petroleum Exploration and Development licences (PEDLs) it has bid for from the Department of Energy & Climate Change (DECC), the company would become the biggest player in the UK’s shale gas industry.
The vast majority of the Ineos bids are in Scotland and the North of England, where the local populations have either a mining or an industrial heritage. Ineos believes that an indigenous shale gas industry would transform UK manufacturing and that the gas can be extracted safely and responsibly.
Gary Haywood, CEO, Ineos Upstream, said, “While the awarding of the licences is a matter for DECC, we believe our knowledge and experience in running complex petrochemical facilities, coupled with the world class sub surface expertise we have recently added to our team, means that Ineos will be seen as a very safe pair of hands”.
Ineos is already the owner of two substantial shale licences in Scotland comprising over 120,000 acres, in addition to investing a further Pound 400 million in an ambitious project to bring US shale gas to Grangemouth.
The company has also announced plans to give local communities 6% of the revenues from any shale gas it produces (4% going to home & land owners above the well and 2% to the wider local community). This offer is typically worth Pound 375 million to a community.
Jim Ratcliffe, founder and chairman, Ineos, stated, “I want Ineos to be the biggest player in the UK shale gas industry. I think shale gas could revolutionise UK manufacturing as it has done in the US.”
If Ineos wins all the Petroleum Exploration and Development licences (PEDLs) it has bid for from the Department of Energy & Climate Change (DECC), the company would become the biggest player in the UK’s shale gas industry.
The vast majority of the Ineos bids are in Scotland and the North of England, where the local populations have either a mining or an industrial heritage. Ineos believes that an indigenous shale gas industry would transform UK manufacturing and that the gas can be extracted safely and responsibly.
Gary Haywood, CEO, Ineos Upstream, said, “While the awarding of the licences is a matter for DECC, we believe our knowledge and experience in running complex petrochemical facilities, coupled with the world class sub surface expertise we have recently added to our team, means that Ineos will be seen as a very safe pair of hands”.
Ineos is already the owner of two substantial shale licences in Scotland comprising over 120,000 acres, in addition to investing a further Pound 400 million in an ambitious project to bring US shale gas to Grangemouth.
The company has also announced plans to give local communities 6% of the revenues from any shale gas it produces (4% going to home & land owners above the well and 2% to the wider local community). This offer is typically worth Pound 375 million to a community.
Jim Ratcliffe, founder and chairman, Ineos, stated, “I want Ineos to be the biggest player in the UK shale gas industry. I think shale gas could revolutionise UK manufacturing as it has done in the US.”