Ineos welcomes UK fracking initiative

London – Ineos has welcomed a decision by the UK government to fast-track shale gas planning applications and also the offering of 27 blocks for shale fracking on 18 Aug.

“This positive early action should help break the log jam that has developed in some areas of the country and give first mover advantage to those communities willing to quickly embrace the shale gas revolution,” said Ineos, a firm that has been seriously advocating shale gas production in the UK.

Ineos, said the company, has committed to give 6 percent of revenues (2 percent to communities and 4 percent to land and home owners) to those directly above shale gas wells.

Earlier in August, the UK government announced plans to fast-track fracking applications, saying it could take over the power to decide if councils repeatedly take longer than the 16-week statutory time-frame.

Also, on 18 Aug, the UK Oil and Gas Authority announced 27 more locations in England where licences to frack for shale oil and gas will be offered.

The blocks, which are typically 100 sq-km, include areas near Lincoln, Nottingham, Sheffield and Preston, according to a BBC report.

Twelve firms, including Cuadrilla and Ineos, have been given exclusive rights to explore for oil and gas, including fracking, the report added.

Ineos was awarded three shale gas licences in the new licensing round, withe the blocks covering an area of  approximately 250 sq-km  in the East Midlands.

According to the oil and gas authority, another 132 blocks will be offered for licensing subject to “appropriate assessments”.