Monday, November 6, 2017

News: INEOS ups interest in Rotherham

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INEOS, the oil and gas exploration and production business making the most progress with potential fracking operations in the borough, has acquired a greater slice of the licences that cover Rotherham.

INEOS has completed a deal to acquire UK onshore shale licence interests from Total E&P Limited.

A type of natural gas, shale gas has the potential to become an important energy source for the UK, as it is in the US, but extracting the gas using a method called "fracking" (hydraulic fracturing) has negative environmental impacts.

INEOS has recently submitted a planning application for its second exploration site in the borough - to the south of Dinnington Road at Woodsetts. The first was at a site between the villages of Harthill and Thorpe Salvin. Both Greenbelt sites have been identified as being in an area of interest to INEOS based on existing seismic data.

Now the company has acquired percentages in licences that cover surrounding areas.

INEOS Shale has acquired Total's entire 40% interest in PEDLs 139 & 140, and a 30% interest in PEDL 273, 305 & 316 (being 60% of Total's current 50% holding).

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The current planning applications for test drilling wells are in the PEDL 304 area, which INEOS has a 100% interest in. The firm also fully owns the licence for PEDL 272 which covers areas including Wentworth, Harley and Thorpe Hesley.

The adjacent PEDL 305 where INEOS has bought into includes Swinton, Kilnhurst, Rawmarsh, Parkgate, Greasborough, Kimberworth, Thrybergh, Ravenfield, Eastwood, the town centre, Herringthorpe, Canklow, Whiston,Wickersley, Flanderwell, Bramley, Hellaby and Maltby.

The equity interest in the PEDL 305 now stands at IGas 35%, INEOS 30%, Total 20%, Egdon 15%.

Ron Coyle, CEO of INEOS Shale, said: "Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important new industry which we believe can bring much needed jobs and investment to the economy.

"Shale gas represents an exciting opportunity for the UK, and has the real potential to bring much needed jobs and investment to local communities. The continuing growth of INEOS's portfolio of licences means we will be at the very forefront of this transformational industry."

INEOS website

Images: INEOS

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