Glasgow, Scotland - Ineos has slammed a Scottish government decision to ban shale gas developments, the company warning that it will have a negative impact on jobs, energy security and economic growth in Scotland.
The decision was announced 3 Oct by Scottish energy minister Paul Wheelhouse, who said an existing moratorium on fracking since 2015, would continue indefinitely after a public consultation showed "overwhelming" opposition.
But ,noting that a report commissioned by the Scottish Government had judged shale production safe, Tom Pickering, operations director at INEOS Shale, said: ‘It is a sad day for those of us who believe in evidence-led decision making.”
The decision to officially ban shale extraction will cost an estimated 3,100 Scottish jobs in Scotland along with other economic benefits that will be enjoyed by the rest of the UK, Ineos has extimated.
The company cited recent estimates showing that the shale industry would bring in £33 billion of investment into England alone over the next two decades.
As North Sea oil and gas declines, shale gas could offer Scotland a vital opportunity to revitalise its energy economy, said Ineos. A Scottish shale industry, it added, would benefit local communities to the tune of around £1 billion.
"This decision, which beggar’s belief means gas becomes a cost for the Scottish economy instead of an ongoing source of income,” Pickering concluded. “It speaks volumes about Scottish leadership on the world stage and sends a clear and negative message to any future investors in Scotland.”