ENGIE sells UK shale gas assets to INEOS

French energy company ENGIE has sold its UK shale gas interests to Swiss petrochemicals firm INEOS for an undisclosed sum. The agreement involves minority stakes in 15 licences, seven of […]

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By Priyanka Shrestha

French energy company ENGIE has sold its UK shale gas interests to Swiss petrochemicals firm INEOS for an undisclosed sum.

The agreement involves minority stakes in 15 licences, seven of which INEOS, which has invested heavily in expanding its shale gas portfolio in Britain, holds an existing interest in.

That means the company will have access to more than 1.2 million acres of shale gas acreage in the UK.

Three of the licences are operated by INEOS, eight by IGas Energy and four by Cuadrilla.

While the UK Government says it wants to explore shale gas in the country to help offset declining North Sea oil and gas output, progress has been slow due to regulatory hurdles and public protests.

Environmental groups are concerned the process of extracting shale gas, called fracking, could contaminate groundwater and hinder the climate change fight.