Ineos in €3.2bn shale-gas giveaway
ERJ staff report (PR)
Rolle, Switzerland – Ineos plans to give 6 percent of its shale gas revenues to homeowners, landowners and communities close to its wells, the chemicals group announced 28 Sept.
The group estimates that its new shale gas business could give away over £2.5 billion (€3.2bn). A typical shale gas community, added Ineos, would share £375 million over the life of a project.
Homeowners and landowners directly above the wells would share 4 percent of the revenue – typically £250 million, , the Swiss-based group said. Communities living close to the wells would share 2 percent of the revenue, typically £125 million.
The initiative is in-line with practice in the US, where landowners and some communities share in the profits from shale gas developments. Ineos believes that financial incentives will encourage people in Europe to support shale gas production in their backyard.
“Giving 6 percent of revenues to those living above Britain’s shale gas developments means the rewards will be fairly shared,” said Jim Ratcliffe, Ineos chairman.
Ineos, he added, has also “hired some of the world’s leading shale gas experts to make sure the gas can be safely extracted in an environmentally responsible way.”