INEOS Urges Government to Revise Shale Seismic Policy
- UK's shale seismic limit is 0.5, much lower than the US's 4.0.
- US shale development has led to billions in investment and job creation.
- UK's energy policy lacks coherence, risking reliance on unstable gas imports.
- Hitachi and Toshiba withdrew from UK nuclear projects, leaving energy strategy uncertain.
Seismic Limit Concerns
INEOS criticizes the UK government's shale seismicity limit of 0.5 on the Richter scale, arguing it is impractical compared to the US standard of 4.0, where over a million wells have been safely drilled.
Impact on Manufacturing
The company warns that the current policy could harm the UK's manufacturing base, as the potential for energy self-sufficiency and economic growth through shale development is significant.
Energy Policy Issues
INEOS highlights the lack of a coherent UK energy policy, pointing out the country's reliance on gas and nuclear energy, with North Sea gas in decline and nuclear projects facing setbacks.
Nuclear Project Withdrawals
Recent withdrawals by Hitachi and Toshiba from UK nuclear investments have left the country's nuclear strategy uncertain, with the Hinkley Point project over budget and behind schedule.
Source: INEOS