Ineos’s new upstream business is to acquire an 80% stake in a Scottish shale gas exploration area from Reach Coal Seam Gas Limited. The area is Petroleum Exploration and Development Licence (PEDL) 162, in the Midland Valley of Scotland.  This licence area of 400 km2 is next to PEDL 133, in which Ineos already owns a 51% stake of the shale layer – acquired in August.  As part of the deal, Ineos will be the operator of the licence, and will fund the initial appraisal activity (consisting of two vertical science wells and 100 km2 of 3D seismic).