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Ineos buys into second Scottish shale licence

The licence is in Scotland's Midland Valley, but the company has yet to start drilling

Ineos has bought into its second shale gas licence in Scotland’s Midland Valley, but the company needs to start drilling to get a better idea of how much oil and gas could be extracted from the acreage. On 13 October, the petrochemical company said it bought an 80% stake in Aberdeen-based Reach Coal Seam Gas (Reach CSG), which has rights to explore for shale gas. Under the deal, Ineos will acquire Petroleum Exploration and Development Licence (PEDL) 162, which was awarded to Reach CSG in 2008. Reach has carried out some appraisal work on the licence. Gary Haywood, chief executive of Ineos Upstream, said the company wants to evaluate the licence’s resource potential and determine if oil and g

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