Ineos acquires majority share in second shale gas license in Scotland

Ineos acquires majority share in second shale gas license in Scotland

11:45 AM, 14th October 2014
Ineos acquires majority share in second shale gas license in Scotland

FALKIRK, SCOTLAND: Petrochemical company Ineos has bought the majority share in a second license for shale gas exploration and development in Scotland. The company announced it had bought 80 per cent of a license covering 400 sq km of the Midland Valley in Scotland from Reach Coal Seam Gas Limited. The British Geological Survey has estimated there are “significant” shale gas deposits in the area covering large parts of North Lanarkshire and Falkirk.

It comes after the company announced it had bought a 51 per cent stake in a license covering 329 sq km around their Grangemouth refinery. The company now has fracking rights for 729 sq km around Grangemouth and Cumbernauld. Ineos will now fund appraisal of the site to see if the shale gas can be economically extracted. The company is working with specialists from America to find a way to safely extract the shale gas.

“I am delighted to have concluded this deal in Scotland, which is a very good fit with our existing license interest in the adjoining PEDL 133. We are keen to move quickly to evaluate the potential of this resource, and determine if we can economically produce gas from this area,” said Gary Haywood, CEO, Ineos.

“If we can, it will provide a local source of competitive energy and raw materials to support manufacturing jobs in Scotland. Our recent commitment to share the benefits of the gas production with the landowners and the community will also bring significant local benefits. We are confident that our US team, together with our own experts, can safely and efficiently develop a successful business in Scotland, which will play a part in securing the energy supply of Scotland and the UK, and will bring significant economic benefits to the country and to the community,” added Haywood.

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