INEOS pays £30m in cash for Grangemouth shale gas exploration licences

 

Shale gas exploration
Shale gas exploration

The Swiss-based company that owns and operates the Grangemouth petro-chem refinery has acquired the oil / shale gas exploration licence for the area in which the plant is located.

INEOS has acquired the entire PEDL-133 licence (issued by the Dept. for Energy – DECC) from I-Gas. At the same time, it has taken a 50% stake in seven other I-Gas licences in north west England – known as the Bowland Basin around Blackpool and Lancashire.

INEOS is paying I-Gas £30 million in cash and will additionally commit to funding a two-phase work programme of up to £138 million to develop these sites. IGas will reimburse its share of the work programme to INEOS upon commencement of commercial production.

Gary Haywood, Chief Executive, INEOS Upstream, said: “This is a great opportunity to acquire some first class assets that have the potential to yield significant quantities of gas in the future.

“We believe that an indigenous shale gas industry will transform UK manufacturing, and that we can extract the gas safely and responsibly.  

“INEOS’s scale, asset position across the UK, US shale gas expertise, and our expertise in managing oil and gas facilities will be a great match with IGas’s existing onshore asset base, and significant exploration and production capability”.

INEOS is committed to full consultation with all local communities before proceeding with any shale gas development, and Haywood added: “This is a further significant step for INEOS in its plan to become the biggest player in the UK shale gas industry.

“We have the resources to make it happen, the skills to extract the gas safely and the vision to realise that everyone must share in the rewards for UK shale gas to be successfully developed”.   

The UK government is counting on companies tapping the country’s shale resources to stem its growing dependence on oil and gas imports as North Sea production declines.

However, Scottish Energy Minister Fergus Ewing has imposed a Scottish Government moratorium on any associated planning applications required to accompany the DECC exploration permits until after the British general election in May.

See also:

UK fracking is low risk to public health, says Dept. of Healthhttp://goo.gl/2NIjQK

 

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SHALE: A God-send – or the Devil’s work?

Shale gas is an “unconventional” fossil fuel that is found within natural fissures and fractures underground. Until recently, no method of safely transporting it to the surface existed. It is mined via hydraulic fracturing, or “fracking”, the process of breaking apart layers of shale by horizontally pumping liquids and a number of volatile and toxic chemical additives under high pressure thereby releasing trapped gas reserves.

To proponents, shale gas represents an untapped and welcome alternative energy source to traditional fossil fuels.

To detractors it is a hazardous and highly-polluting fossil fuel.

 

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