Chemical company Ineos said shale natural gas could "revolutionize" the British economy, though it's been met with stiff opposition from environmental advocates.
Ineos Chairman Jim Ratcliffe unveiled preliminary plans to give momentum to the fledgling British shale natural gas industry. At a Thursday conference, the chairman said substantial investments could follow developments in shale.
"I believe shale gas could revolutionize U.K. manufacturing, and I know Ineos has the resources to make it happen, the skills to extract the gas safely and the vision to realize that everyone must share in the rewards," he said.
Ineos acquired shale exploration and development licenses near a power plant a few hundred miles from the Scottish capital, Edinburgh. The British Geological Survey said the available reserves there are "modest."
The emerging shale industry in the country has been met with opposition from environmental activists concerned about the fallout from the controversial drilling practice known as hydraulic fracturing, or fracking, as well as land-owner rights near shale basins.
When Ineos in September said it would give 6 percent of the revenue generated from shale basins near Edinburgh to area residents, the regional Friends of the Earth branch criticized the move as a bribe to local communities.
The British government in April offered $3.3 million to companies that come up with new ways to produce or explore shale gas, including environmental management and reservoir monitoring.
Last week, British Energy Minister Matthew Hancock said shale natural gas is "an opportunity we cannot afford to miss."
