Chemicals giant INEOS has confirmed that it plans to invest $1bn (£640m) in UK onshore shale gas exploration and appraisal.
Substantial further investment would follow if the company moved into development and production, INEOS explained.
If the company wins all of the Petroleum Exploration and Development licences (PEDLs) it has bid for from the Department of Energy & Climate Change (DECC), the company would become one of the biggest players in the UK’s shale gas industry.
INEOS is already the owner of two substantial shale licences in Scotland, comprising over 120,000 acres, in addition to investing a further £400m ($627m approx.) in an ambitious project to bring US shale gas to Grangemouth.
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