Ineos to acquire significant share of key shale gas assets
INEOS has announced it is acquiring at least a 50% interest in seven of IGas’ shale gas licences in the North West along with the option to acquire a 20% interest in two further IGas shale gas licences in the East Midlands. INEOS is also acquiring IGas’ interest in the shale gas licence around Grangemouth in Scotland which will give the company 100% ownership of this asset.
This deal will move INEOS up to third place in terms of UK onshore oil and gas licences, giving it access to almost a quarter of a million acres of potential shale gas reserves. INEOS will pay IGas £30 million in cash and has agreed to fund a two phase work programme of up to £138 million to appraise and develop the sites.
Gary Haywood, CEO of INEOS Upstream says, “This is a further significant step for INEOS in its plan to become the biggest player in the UK shale gas industry. We believe shale gas could revolutionise UK manufacturing and INEOS has the resources to make it happen, the skills to extract the gas safely and the vision to realise that communities must share in the rewards for it to be successful”.
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