Project Profile
Location: Midland Valley of Scotland, UK
Area: 400 sq. km
Blocks: NS 67, 77, 86, 87
Start-up Year: -
On the 18th of August 2014 INEOS signed an agreement with Reach CSG to acquire an 80% interest in Petroleum Exploration and Development Licence (PEDL) 162, in the Midland Valley of Scotland. This licence area of 400 sq km is next to PEDL 133, in which INEOS already owns a 51% stake of the shale layer. As part of the deal, INEOS will be the operator of the licence, and will fund the initial appraisal activity (consisting of 2 vertical science wells and 100 sq. km of 3D seismic). The deal is subject to relevant regulatory approvals.
The British Geological Survey (BGS) has identified significant shale gas and oil resources in this area via the recent Midland Valley of Scotland report. The key objective of the first phase of appraisal is to determine whether these resources can be economically extracted.
Operators:
INEOS Upstream Limited: Operator with 80% interest
Reach Coal Seam Gas Limited (Reach CSG): 20% interest