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Ineos buys stake in UK shale exploration license

6:22 AM MDT | August 29, 2014

The newly created oil and gas exploration and production business of Ineos has purchased the rights to explore for shale gas in the area around the group’s Grangemouth, UK, refinery and petrochemical complex, the company says. Ineos has bought a 51% stake in the shale section of a joint onshore oil and gas exploration and development license, the company says. The license covers 329 sq kilometers of the Midland Valley, Scotland, where the British Geological Survey estimates there are “modest” shale gas and oil resources. The license is Scotland’s only for...

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