Ineos to invest $1B in UK shale gas exploration

Associated Press

Chemicals firm Ineos has announced plans to invest 640 million pounds ($1 billion) in shale gas exploration in Britain.

LONDON (AP) — Chemicals firm Ineos has announced plans to invest 640 million pounds ($1 billion) in shale gas exploration in Britain.

The company is applying for more licenses to expand its operations in Scotland and in northern England.

Chairman Jim Ratcliffe says he wants the company to become the biggest player in the industry in the country. He said Thursday he believes shale gas could revolutionize British manufacturing, and that Ineos has the resources and skills to extract the gas safely.

Shale gas is extracted through a process known as hydraulic fracturing, or fracking, which involves pumping water and chemicals at high pressure to fracture shale rock and release gas.

Environmental groups criticized the announcement, with Greenpeace U.K. saying the move was a speculative bet on "unproven and risky resources."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs