Ineos has just become the UK’s biggest shale gas firm, after it completed a deal to acquire all of French rival Engie’s shale gas interests for an undisclosed amount.
That means Ineos’ total portfolio under licence is now more than 1.2m acres, the largest of any company involved in the UK’s shale industry.
Ineos, a petrochemicals firm led by Jim Ratcliffe, has made substantial investments into expanding its British shale gas portfolio. Engie’s onshore assets are comprised of interests in 15 licences, including seven in which Ineos already held an interest.
The government is taking advantage of the UK’s shale gas, to offset declining production in the North Sea, but Fracking has been under protest around the world from environmental groups as the process can contaminate groundwater.
The Earth Statute is currently applying the first Bill in the House of Commons to rectify current Law in the UK, but while industry standards are still ignoring the current implications, the law may be seen to be, too late in process if only to restrict the irreversible impact.
In December anti-fracking campaigners lost their High Court battle against developer Third Energy as the court ruled fracking could go ahead in Yorkshire.
Ineos, Britain’s biggest privately owned firm, revealed last month it made record profits in 2016 bolstered by low oil prices.