INEOS acquires gas fields in the North Sea
INEOS agreed to acquire natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG.
INEOS Upstream will acquire gas fields, including the Breagh and Clipper South fields in the Southern North Sea which are well positioned close to INEOS’ sites in the North East and Scotland. The annual production from these fields account for 8% of the UK’s annual gas production, enough gas to warm 1 in 10 British homes.
The company operates Scotland’s largest manufacturing complex at Grangemouth which is the only refining / petrochemicals complex directly attached to the North Sea.
Rob Nevin, Chairman INEOS Upstream, says, “INEOS and its JV partners are huge consumers of natural gas, ethane, propane and condensates. North Sea oil and gas can make a significant contribution to providing these feedstocks as well as servicing our energy needs.”
INEOS also owns a number of Shale gas licences in England and Scotland and is investing a further US$1 billion in an ambitious project to bring US Shale gas to the UK and to Norway.
Jim Ratcliffe, INEOS chairman adds, “The acquisition of these North Sea gas fields is a great entry point for the INEOS Upstream business. They are high quality, low risk assets and they come with a highly experienced management team. Whilst no decisions have yet been made, we will continue to evaluate other opportunities in the North Sea”.