INEOS Acquires Scottish Shale Gas Exploration Interest

INEOS has moved to take a direct role in UK shale gas exploration, with the purchase of a 51 per cent stake in an exploration licence area in Central Scotland.

The privately controlled chemicals group acquired a 51 per cent stake in PEDL 133 from BG Group, via its new oil and gas exploration and production business, INEOS Upstream.

Dart Energy, which is being acquired by IGas Energy, holds the other 49 per cent of the licence area.

Gary Haywood, chief executive of INEOS Upstream, said: “This is a logical next step for INEOS and we are very excited about it.

The acquisition covers 329 square kilometres of the Midland Valley of Scotland, which includes INEOS’ Grangemouth refining and petrochemical complex.

PEDL 133 hosts Dart Energy’s CBM activity in Airth; a region of Falkirk, which saw a three-week public inquiry into controversial scheme in April. (note: Natural Gas Europe had the pleasure to speak with Steven Carleschi, a Scottish National Party Councillor for the Carse, Kinnaird & Tryst areas of Falkirk, Scotland)

“With our large UK asset base, existing operating capabilities and exemplary safety and environmental record, we are well placed to become a major player in the UK onshore gas production sector,” continued Haywood.

Grangemouth which was threatened with closure last year, received the promise of £230m in government loans to invest in a new terminal to import, store and process ethane from shale gas from the United States.