Ineos Founder Claims Fracking Can Be Done Safely?

As the world starts to realise its supply of fossil fuels isn’t infinite, companies are looking at new ways to harvest oil and gas. Fracking has emerged as both a viable and controversial solution, receiving praise and criticism from various different sectors. One of the biggest concerns is whether or not fracking can be done safely. While some take a hard line against its safety credentials, Ineos founder Jim Ratcliffe asserts that the answer is a definitive yes.

“Fracking is no different from conventional drilling. It can be done safely – and there is evidence for this in the US,” he says.

An undeserved rap

Some may say the process is environmentally irresponsible, however Ratcliffe puts it down to undeserved gossip. “I think a lot of opposition is based on hearsay and rumour,” he says. “In the US they have drilled one million wells and not had an environmental incident for six years.”

With the right level of environmental assessment, supervision and planning, he maintains that fracking ventures can be just as safe as any other conventional drilling project.  

Of course, his support could have something to do with the fact that Ratcliffe and his companqy stand to benefit immensely from fracking ventures. Ineos has just invested £600 million in eight Chinese-made mega ships, each measuring the length of two football fields. The fleet will transport ethane gas from the US to be used feedstock for its plants across Europe.

Ratcliffe claims UK needs fracking

Drawing on data from the National Grid, Ratcliffe broke down the composition of the UK’s energy supply and revealed that almost half of is generated from gas, 20% from coal and 20% from nuclear. At present, just 1.4% is generated by wind farms. For this reason, he and plenty of his fellow fracking advocates are all for the process which sees fluid injected into drill holes at high pressure in order to fracture shale rocks and release natural gas.

“One thing I’m sure about,” explains the billionaire founder of the chemicals giant. “You can’t have an energy policy that means you can only have a bath when the wind blows.”

So is fracking set to power the world? Find out more about the industry in the article ‘Is Fracking the Way Forward? An Interview with Chris Faulkner.’ It explores Phelim McAleer’s documentary Fracknation, as well as the opinions of Breitling Energy Corporation CEO aka ‘Frack Master’ Chris Faulkner.