UK based petrochemical firm Ineos has agreed to purchase a majority stake in two exploration licenses for gas in Scotland’s West of Shetland field which contain the Lyon prospect, furthering its plans to move into oil and gas exploration. 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 Lagan Tormore.
“If successful it could be large enough to form a new gas-hub development similar to the Lagan-Tormore fields, which have been developed with sub-sea infrastructure and pipelines to the Shetland Gas Plant,” Ineos said in a statement
