Ineos moves into shale gas exploration
ERJ staff report (PR)
London – Ineos has moved into UK shale exploration with the purchase of BG Group’s 51-percent share of the shale section of a joint petroleum exploration and development licence (PEDL). The remaining stake is owned by exploration company Dart Energy. No figures were disclosed.
The PEDL 133 licence covers 329 square kilometres of the Midland Valley of Scotland, an area that includes Ineos’ Grangemouth refining and petrochemical complex.
Ineos Upstream has recently been increasing its expertise in the shale exploration and development sector, including building up a team of specialists from the US.
This expertise gives the company a platform to move into onshore exploration, according to Gary Haywood, chief executive of Ineos Upstream.
“The [share purchase] is a logical next step for Ineos and we are very excited about it. We are one of very few businesses that can use shale gas as both a fuel and a petrochemical feedstock,” said Haywood.