Ineos Plans To Give 6% of Shale Gas Revenue to Local UK Communities
Ineos has announced plans to give 6% of its shale gas revenues to homeowners, landowners, and communities who live above its shale gas operations.
Ineos anticipates being a major player in the shale gas industry and said it believes it will give away more than GBP 2.5 billion over the life of its business.
The news comes as the Department of Energy and Climate Change gives the go ahead to Ineos to take a majority share in an onshore oil and gas licence block in Scotland by taking over BG’s interest (51%).
The UK’s Department of Energy and Climate Change recently announced new rules to help the country explore shale gas resources.
The sharing of shale gas profits is commonplace in the United States, and Ineos said it believes this will encourage communities to support shale gas production in their neighborhoods.
Jim Ratcliffe, Ineos founder and chairman, said, “We think this is a game changer for Britain. Giving 6% of the revenues to those living above our shale gas operations will give them a real stake in the success of the venture and encourage the development of the whole shale gas industry.”