Chemical giant INEOS plans to invest $1 billion in UK shale gas exploration and appraisal in a bid "to be the biggest player in the UK Shale gas industry."
If the company wins all the shale gas licenses for which it has applied, it would be the biggest player in the country's emerging shale gas industry, it said. The vast majority of the licenses sought are in Scotland and the north of England where there is either a mining or industrial heritage. The chemical company said it would share with local communities 6% of any revenues generated.
"I want INEOS to be the biggest player in the UK Shale gas industry," said Chairman Jim Ratcliffe. "I believe shale gas could revolutionize UK manufacturing, and I know INEOS has the resources to make it happen, the skills to extract the gas safely and the vision to realize that everyone must share in the rewards."
The company currently owns two substantial shale licenses in Scotland comprising more than 120,000 acres, in addition to a project to bring U.S ethane from shales to Europe for chemical operations (see Daily GPI, April 23; Sept. 28, 2012).