Ineos Energy CEO criticizes UK oil and gas policies, prioritizes US and Denmark expansion
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The chief executive of Ineos Energy has stated that the company will focus on expanding in the US and Denmark instead of Britain. This decision comes as a response to what they perceive as unfavourable policies imposed on the oil and gas industry by British politicians.
Ineos Energy produces and trades oil, gas, liquified natural gas (LNG), and carbon credits.
In an interview with The Times, David Bucknall said that the US and Denmark, the two other regions the company operates in, were “much easier to invest in at the moment.”
He added, “If you look at the US, you have different rhetoric at the top level from different sides of the political spectrum, but the reality is that the people in the Department of Energy are professionals. They know what they’re doing. We haven’t seen very much change at all at the operational level, the practical level, in terms of oil and gas, despite who is the president of the US. So it makes it a very investable thing.”
Read more: UK Supreme Court rules in favour of environmental activists in oil extraction case
In contrast, Bucknall said Britain’s policy backdrop had become more about parties “outdoing each other in how much pain you can put into the industry”.
Ineos Energy, created in 2020, entered the US market in 2023 by acquiring part of Chesapeake Energy’s oil and gas assets in south Texas for $1.4 billion.
Bucknall’s remarks come ahead of the UK general elections scheduled for July 4. Energy policy has been a key focus of the election.
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