Dart Energy owns the remaining 49% of the joint Petroleum Exploration and Development Licence (PEDL) located next to the Firth of Forth.
The PEDL 133 license covers 329km2 of the Midland Valley of Scotland, which includes INEOS’ Grangemouth refining and petrochemical complex and the area around it.
Ineos also intends to provide 6% of production revenue to landowners and communities which will be split in 4% and 2%, respectively.
UK Business and Energy Minister Matthew Hancock said: "It’s very welcome news that Ineos want to explore for shale gas.
"We have a huge amount of natural gas trapped deep beneath the ground which could be used to heat our homes, and reduce our reliance on expensive foreign imports.
"It’s a real vote of confidence that Ineos recognise the potential of shale gas to transform local communities, create jobs and new economic opportunities; providing a cleaner, greener domestic energy resource."
Currently, Ineos is implementing a $600m project to bring shale gas ethane from the US to its petrochemical plants in Scotland and Norway.
