INEOS Shale, the company with the largest shale gas acreage in the UK, has added shares in five new exploration licences in three counties.
The company announced this afternoon that it had acquired most of Total E & P Ltd’s onshore licences.
The transaction brought INEOS’s total onshore acreage to 1.325m acres, it said.
The acquisition includes:
- All of Total’s interests in PEDLs 139 and 140 in north Nottinghamshire
- 60% of Total’s interest in PEDLs 273 and 305 in Yorkshire
- 60% of Total’s interest in PEDL316 in Lincolnshire
Total has also transferred to INEOS its option to farm in to PEDL209, the company said.
INEOS is not the operator of any of the licences but it holds a minimum of 30% in all of them.
INEOS Shale’s new chief executive said:
“Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important industry.
“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”.
It is certainly a transformational industry but not in a good way.
Looks like a nasty rash?
Porcine Ignoravirus isn’t it?
Time for the oinkment I think?
Or the anti bodies perhaps?
Big deal. They are not going anywhere with drilling or producing gas. Just look at Cuadrilla and see. 5 years on with hundreds of millions and not a single molecule of gas produced. Buying acreage ain’t mean they are producing.
The UK’s biggest piped gas importer, Statoil ,has turned it’s back on UK shale.
Total seems to be following suit although they were never that interested with very limit financial input in the first place.
Centrica next ?
Total keen to go where the money is.
“Total’s decision to reduce its holding of UK onshore acreage is in line with its strategy to concentrate on its current British offshore assets.”
The writing is on the wall for onshore shale.