Ineos Launches Shale Campaign in Scotland

UK’s Department of Energy and Climate Change has awarded two licences for onshore oil and gas exploration to Ineos, giving the green light to the acquisition of the majority share in a block in Scotland. 

‘The Department of Energy and Climate Change (DECC) has given the go ahead to major chemicals giant Ineos to take a majority share in an onshore oil and gas licence block in Scotland by taking over BG’s interest (51%). The other licensee, Dart is the operator in the block next to the Firth of Forth,’ reads a note released on Sunday.

According to the British government, Dart Energy will remain the operator of the PEDL133.

Ineos said it intends to support its plan, granting a share of the profit to nearby communities. 

‘Ineos announces plans to give 6% of its Shale gas revenues to homeowners, landowners & communities close to its wells,’ the company commented on its website on Monday.

According to Ineos’ Chairman Jim Ratcliffe, the ‘giveaway' could foster operations in the country, giving a reason for communities to accept the projects. 

‘Typically, those living in a Shale gas community (approximately 100 square kilometers) would benefit from the output of 200 wells and split £375 million between them. Home and landowners directly above the wells would share £250 million.’