INEOS is renewing its offer to the UK government and the new Prime Minister Liz Truss to drill a shale gas test well in the UK.
Truss
INEOS is one of the world’s largest chemicals and energy companies. Tom Crotty, INEOS Director, said the company believes it can prove it can do it safely and without harm to the environment.
Truss repeatedly suggested that her government will look again at shale gas production in the UK, and she followed through by lifting that ban on Thursday. The lifting of the moratorium on fracing was part of a package of measures to tackle soaring energy prices that are hammering households and businesses.
The country continues to face serious threats to its energy security and the cost of oil and gas from Russia and the Middle East, INEOS noted when announcing its renewed offer.
“Shale has helped transform the energy landscape and the local communities in the U.S.,” Crotty said. “The US is well protected against the energy crisis as it is making the most of its natural resources. It can do the same here in the UK.”
INEOS has promised to invest the first 6% of the value of the gas back into the local communities.
“It goes without saying that the Government would also have an increased tax take,” Crotty said. “INEOS has proved it is committed to the Energy Transition through major investments in Hydrogen and Carbon Capture & Storage, however we and the industry knows that gas is and must be part of that transition.
“The country needs gas for at least the next 30 years. It is patently obvious that we should be using our own gas instead of shipping it in from abroad.”
