INEOS Completes deal to become UK’s third largest shale gas company
Gary Haywood, CEO of INEOS Upstream, says “We are very pleased to have completed this deal and will now work to integrate these assets into the INEOS Upstream portfolio. These are first class assets that have the potential to yield significant quantities of gas in the future. INEOS believes that an indigenous shale gas industry will transform UK manufacturing, and that we can extract the gas safely and responsibly. INEOS’s scale, asset position across the UK, US shale gas expertise, and our expertise in managing oil and gas facilities will be a great match with IGas’s existing onshore asset base, and significant exploration and production capability.”
INEOS is paying IGas a cash sum of £30 million and additionally committing to fund a two phase work programme of up to £138 million to develop the sites. IGas will reimburse its share of the work programme to INEOS upon commencement of commercial production.
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