INEOS Shale, the onshore division of INEOS upstream, has completed the acquisition of Total E&P Limited’s onshore exploratory licence portfolio, less a 20% stake in three 14th Round licence awards that Total will retain. The transaction includes 100% of Total’s participating interest in PEDLs 139 and 140, and 60% of its interest in in PEDLs 273, 305 and 316. Increasing the total acreage held by INEOS under licence to more than 1.325macres. Total has also transferred to INEOS its option to farm-in to PEDL 209.

Ron Coyle, CEO at INEOS Shale, said: “Our acquisition of these assets represents an important development for INEOS Shale and demonstrates our ongoing commitment to this important industry. Shale gas represents an exciting opportunity for the UK, and has the real potential to bring much needed jobs and investment to local communities. The continuing growth of INEOS’s portfolio of licences means we will be at the very forefront of this transformational industry”.

About INEOS

INEOS is a leading manufacturer of petrochemicals, specialty chemicals and oil products. Comprising 18 businesses, with a production network spanning 105 manufacturing facilities in 22 countries, it produces more than 60 million tonnes of petrochemicals, 20 million tons per annum of crude oil refined products (fuels) and in 2016 it had sales of around $40bn. Worldwide, INEOS employs 18,500 people. Our management philosophy is to operate a simple and decentralized organizational structure.

INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. From paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.