Ineos invests into shale gas exploration in the UK

SWITZERLAND- INEOS has made its first move into shale gas exploration in the United Kingdom (UK) via its purchase of a 51% share of the shale section of a joint Petroleum Exploration and Development Licence (PEDL). The PEDL 133 license covers 329 square kilometres of the Midland Valley of Scotland which includes INEOS’ Grangemouth refining and petrochemical complex and the area around it.

According to Gary Haywood, CEO of Ineos Upstream, Ineos Upstream has been drawing together a team of experts in the sector, including a number of leading shale exploration and development specialists from the US in preparation for this venture into onshore exploration.

Ineos Upstream, the company’s new oil and gas exploration and production business, has acquired 51% share from BG Group. The rest of the share (49%) of the shale section license is owned by exploration company, Dart Energy.

At present, Ineos is undertaking a $600 million project to bring Shale Gas Ethane from the USA to its petrochemical plants in Scotland and Norway.