Cheshire based INEOS confirmed a £1,168,720,000.00 investment to buy up US-based oil and gas assets on 21 Feb 2023, after abandoning attempts to get UK rules on fracking relaxed.
Shortly after, INEOS agreed a deal to supply 1.4 million tonnes of liquefied natural gas (LNG) (1 million tonnes (LNG) = 48.7 Bcf* (gas) = 1.379 bcm) each year, marking its entry into the market at a time when exports to Europe are also becoming ever more vital.
Long term supply from INEOS Energy will help alleviate the structural energy issues in Europe, a December deal for the US to supply at least 9bn to 10bn tonnes of LNG this year will help to combat the energy crisis.
ENIOS aimed to produce gas within the UK, including from its PEDL193 license which borders Old Trafford in Manchester and even runs underneath the club’s training ground in Carrington.
INEOS paid £30million in cash back in 2015 to acquire a 50% stake in PEDL193 in a deal along with interests in other parts of the North West, East Midlands and Scotland.
INEOS believes that an indigenous shale gas industry will transform UK manufacturing and that we can extract the gas safely and responsibly,” the company said in 2015.
PEDL193 remains an active licence and its current exploration period runs until the end of 2024. Northwest England could host a potential 147 trillion cubic feet of gas. Two weeks ago, the UK’s latest North Sea gas discovery of 302 billion cubic feet was the country’s largest for a decade