Labelling it a missed opportunity, INEOS, one of the world’s largest chemical companies, has hit out at the Environmental Audit Committee’s proposal to call a halt to shale gas development in the UK.
Benefits greater than risks
The company believes that the EAC has overly focussed on the potential risks rather than the benefits of shale gas extraction.
INEOS Director, Tom Crotty, says, “This was a missed opportunity. The Committee deliberately sought out views that focussed on concerns about water quality, emissions and geological integrity and so produced a partisan and partial report. The Committee refused to see INEOS and did not look hard enough at the massive decline in the UK’s manufacturing base and the country’s desperate need for shale gas to reduce energy costs and revitalise industry”
Looking to the US
Over 1 million shale gas wells have been drilled in the USA, the vast majority of them without any problems, and this has led to a manufacturing renaissance, which has bought jobs and prosperity to the country.
INEOS has recruited some of the best US shale gas experts with over 15 years of expertise in responsible shale gas extraction and they now stand ready to help the UK develop its own shale gas industry.
The company is also committed to public consultation and has agreed to give local communities 6% of all its shale gas revenues, ensuring the rewards are fairly shared by all the stakeholders.
Helping the UK’s economy
Tom Crotty adds, “The UK needs shale gas and we know that INEOS has the skills to safely extract it from the ground without damaging the environment. We have committed to public consultation and to share 6% of the entire revenue from any of our shale gas wells with the local community. Without shale gas, UK manufacturing is starting to collapse so we need to kick start the shale gas industry, not put it on hold”.
Adapted from press release by Cecilia Rehn