November 21, 2017 / 11:55 AM / a year ago

UK petrochemical firm Ineos buys stakes in Shetland gas operation

EDINBURGH (Reuters) - British petrochemicals firm Ineos has agreed to buy a majority stake in two exploration licences for gas in Scotland’s West of Shetland field which contain the Lyon prospect, furthering its plans to move into oil and gas exploration.

New Ineos offices are seen at Grangemouth where shale gas from U.S. shale was delivered for the first time today, Scotland, Britain September 27, 2016. REUTERS/Russell Cheyne

Ineos said initial survey work showed extensive gas reserves in the cluster of between 3 to 5 trillion cubic feet of gas — matching major gas fields such as Elgin Franklin, Britannia and Laggan Tormore.

Ineos now has positions in the four fields in the Lyon cluster — Lyon, Tobermory, Bunnehaven and Cragganmore.

“If successful it could be large enough to form a new gas-hub development similar to the Laggan-Tormore fields, which have been developed with sub-sea infrastructure and pipelines to the Shetland Gas Plant,” Ineos said in a statement.

Reporting by Elisabeth O'Leary. Editing by Jane Merriman

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