Ineos estimates 2-year timeframe for UK shale exploration

From an Article of Kallanish Energy, May 19, 2016

Switzerland-based, UK-registered petrochemical giant, Ineos estimates it can begin exploring its unconventional oil and gas reserves within two years, from environmental studies to hydraulic fracturing, according to the company’s operations director, Tom Pickering.

Speaking at the Shale World UK conference in London, Pickering defended the timescale as “possible” using 2D seismic data and vertical drilling, Kallanish Energy reports.

Ineos, which was the first European company to import U.S. shale gas from the Marcellus Shale play in Pennsylvania, is confident the UK’s government support towards development of a shale gas industry could transform the country’s manufacturing sector.

Late last year, Ineos was awarded 21 new shale gas licenses in the UK’s 14th licensing round, positioning itself as the UK’s leading shale gas company. The majority of licenses are located in old mining regions of the North West, North Yorkshire and the East Midlands, all with a heritage of energy and feedstock production.

Following in the steps of U.S. producers, Pickering said Ineos will pay 6% of the company’s revenues, or roughly £2.5 billion ($3.65 billion) to local communities under a “local sharing reward scheme.” Despite the program’s aim to attract local support, the company has faced persistent resistance and protests.

The petrochemical giant, with plants in Scotland, uses 2% of the UK’s total gas supply and generates around 4% of Scotland’s GDP (gross domestic product), the director added.

With the Scottish moratorium on all planning consents for unconventional oil and gas extraction, including hydraulic fracturing (fracking), Pickering said Ineos will concentrate efforts on the three other areas where it holds licenses.

Until there’s a consultation completion in 2017, there’s no possibility to commercially frack in Scotland,” he said.

See also: http://www.FrackCheckWV.net