INEOS Buys New Shale Gas Licence

GALWAY, IRELAND--October 14, 2014 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) Chemicals manufacturing giant INEOS (Switzerland) is determined to kick-start the U.K.'s budding shale gas market by investing in its second exploration licence in less than a fortnight.

INEOS Upstream, the company's new oil and gas exploration and production business, has signed an agreement to acquire an 80% interest in Petroleum Exploration and Development Licence (PEDL) 162, which covers an area of 400 square kilometers (km2) in the Midland Valley of Scotland.