Billionaire Jim Ratcliffe’s efforts to kick-start a British shale gas industry have suffered a setback after his company Ineos significantly downgraded its exploration plans for this year. Mr Ratcliffe announced his entrance to the embryonic UK fracking sector two years ago with great fanfare, unveiling plans to invest $1bn and promising benefits to be paid directly to landowners affected by the process, in an attempt to overcome opposition. In January, Ineos director Tom Crotty told the Telegraph it intended to swiftly carry out seismic surveying and submit planning applications in the spring, enabling it to drill tens of “core wells” to take samples of shale rocks before the end of the year.
Telegraph 19th Sept 2016 read more »