INEOS plans to invest $1 billion in U.K. onshore shale gas exploration and appraisal, the company said in a news release. Further investment would follow if the company moved into development and production.
The company has placed bids on several petroleum exploration and development licenses offered by the U.K. Department of Energy & Climate Change. The majority of the INEOS bids are in Scotland and north of England, where the local populations have either a mining or an industrial heritage, the company said in the release.
INEOS already owns of two shale licenses in Scotland comprising more than 120,000 acres in addition to investing a further £400 million (US$628 million) to bring U.S. shale gas to Grangemouth.
The company also has announced plans to give local communities 6% of the revenues from any shale gas it produces (4% going to homeowners and land owners above the well and 2% to the wider local community), the release said.
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