Petrochemicals giant Ineos has promised landowners and communities a chunk of revenues as it unveiled £1bn shale exploration plans.
The company wants to drill hundreds of wells in Scotland and the North of England, offering landowners and homeowners 4% of revenues and communities 2%, significantly more than the 1% offer made by rivals.
Ineos has applied for numerous exploration blocks in the ongoing licensing round run by the Department of Energy and Climate Change, and wants to enable its drilling rights over the next five to six years. It has estimated that it could eventually pay £2.5bn to landowners and communities.
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