$1Billion investment pledge by INEOS for UK Shale
This would make them the biggest player within the UK shale industry
INEOS announced on Thursday 20 November that it was planning to invest $1bn in onshore shale gas exploration and appraisal in the UK.
In a statement, the company said that it would become "the biggest player in the UK's shale gas industry" if it were to win all of the Petroleum Exploration and Development Licences for which it has bid, with the majority of these located in Scotland and the north of England.
Chair Jim Ratcliffe said that shale gas could revolutionise UK manufacturing as it has done in the US. The announcement follows INEOS's confirmation that it intended to give 6% of any revenues from shale development to local communities.