- INEOS has today agreed to purchase all of the UK North Sea gas fields owned by the DEA Group, the German-based oil and gas firm owned by the LetterOne Group.
- INEOS has moved fast to acquire these high quality, low risk assets. Once the deal closes, the platforms, infrastructure and the highly skilled team that runs them will form part of the new INEOS Upstream business division based in London.
- The fields, the largest of which are Breagh and Clipper South in the Southern North Sea, provide up to 8% of the UK’s gas, enough gas to warm 1 in 10 British homes. The fields themselves are well positioned, close to INEOS’ assets in the North East and Scotland.
- Jim Ratcliffe, INEOS chairman says, “We are pleased to acquire a strong portfolio of natural gas assets and bring on board a highly successful and experienced North Sea industry team. INEOS has been very open about its intention to make strategic investments in the North Sea and this acquisition is our first step in fulfilling this goal. It will also help our UK petrochemical assets to have ongoing access to competitive energy”.
INEOS today announced that it has agreed to acquire a strong portfolio of natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG, which is part of the LetterOne Group.
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.
INEOS is a new entrant to the North Sea. However, the company has extensive experience in operating chemical plants of similar complexity to these offshore platforms.
As one of the world’s largest operators of chemical plants and a huge consumer of hydrocarbons these assets should make a significant contribution to INEOS’s European energy and feedstock strategy.
The company operates Scotland’s largest manufacturing complex at Grangemouth which is the only refining / petrochemicals complex directly attached to the North Sea.
INEOS has recently announced its intention to be the leading UK player in onshore gas development and, as part of the company's growing interest in energy production, is now evaluating additional opportunities in the offshore area.
As part of the company’s ongoing business planning, it has set up INEOS Upstream, a new oil and gas subsidiary of INEOS AG and is working with a number of top class North Sea oil and gas professionals. Their first task has been to conduct a strategic review of the potential opportunities in the North Sea to see whether these are suitable to play a part in the development of the INEOS Upstream business.
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 $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”.
Notes to the Editor:
The transaction is subject to competition clearance from the European Commission. We do not foresee any major issue with receiving this clearance, and are hopeful for a completion date in later this year.How to do fun tricks with google? How to play shuffleboard? What does federal limits apply mean? Finish what you start meaning? How to increase internet speed? type 2 the helper what i like enneagram test How to do squats correctly? What does fantasy mean? Who is the god of tricks and curse? How teach old new tricks? It's not the critic who counts meaning? Which of the following brand names lacks an inherent meaning? How to make poison potion? What is beta? How to make turkey tips? What is the spiritual meaning of a bluebird? What does stuck up mean? How to test soil ph? What does it mean when your brakes are squeaking? What does alumni mean? How to reheat tamales? What does organism mean? What does a rose tattoo mean? What does the phrase "shows tricks" mean? How to rap tips? What is a poc? What are dipped nails? how to change the helper tool password How to delete browsing history? What does the word math mean? What does cheap tricks song,the flame mean? Me audio m7 pro what tips? What is the biblical meaning of the name frank? Where to find a support in recovery tips? What does etl stand for? What are wine tricks? What is the meaning of maternity leave? How to prevent uti? What is linus tech tips net worth? What does cruz say about carson claiming he played dirty tricks? What is the meaning of the prefix pre? What does fraudulently mean? What does sublingual mean? How to share my google calendar? How to check oxygen level? What does occasionally mean? How to make nfts? how to use datepicker html helper bootstrap therefore, we may boldly say: the lord is my helper; i will not be afraid. what can man do to me? What is the meaning of the new moon? What does horses like to eat? What time does scheels open? What is the meaning of round character in literature? What does hea stand for? What is the meaning of devon? How to stop ear pain? Why are the tips of the leaves on my chocolate orchid turning brown? Who has the most hat tricks in la liga? What is the meaning of it sucks? How to use afterpay on amazon? What is a spliff? How to get gel nail polish off? what is released from helper t cells and activates b cells? What does the root bio mean? What does adc mean in league? why if helper t cells ae disabled does it makes one vulnerable to secondary infections. What does founder mean? How to kill japanese beetles? How to do yoyo tricks for beginners? How to get free nitro? What does repression mean? How to make soy sauce? How to become rich tips? How to write a thank you card? How to get rid of a tooth abscess without going to the dentist? What causes brown leaf tips? What is meaning of condemn? How to build a cabinet? How to make him want you? What does dc mean in text? What are some tricks to keep your house cool during the summer? How to take care of mums? How to teach your parakeet tricks? How to get rid of fruit flies in the house? How to do ombre nails? Tips when taking creatine? What does prosper? How to uninstall programs on mac? what characteristics of t2 helper cells What does no wake mean? why the settlers came ed helper How long do tips take on ubereats? How to get taste back? How to watch one piece in order? How to cut cantaloupe? What does she/they pronouns mean? How much tips do servers make at texas roadhouse? What is it called when your brain plays tricks on you? Icing tool tips and what they do? How to tag someone on instagram? How to cook sirloin steak tips in a pan? How long to cook lentils? What do the numbers in blood pressure mean? How to make a end portal? What is the only g-rated movie to win the academy award for best picture? What does a controller do in finance? What does abs stand for when texting? What does clause mean? How to write a simple will? What does polar mean? How long to bake mac and cheese? How to find area of a rectangle? When chopin tricks you? What are monkeypox? Tips when painting grille? What it do baby meaning? What does happy mean? How to do cool tricks on a ripstik? How to make crab dip? What does -3 pelvic station mean? What are the different types of piping tips? How to get more pussy tips? What are q-tips made of? Tips on how to use trim and tilt 50 horse merc? How to make a flax egg? How to clean cloth car seats? What is gaba? What type of ion channels are necessary for the function of the axon and the axon terminal? What does makai kalem meaning? What is hud? What is mukbang? who is the helper,advocate,comforter that the bible speaks about? Grill where chefs do tricks? What does biodiversity mean? What does ligase do? What does kn mean? How to add nail tips at home? what is lync browser helper How to reverse image search? What makes tips of peace lily to turn brown? How to find test statistic? What does naacp stand for? How to clean a dryer vent? How to make cold foam? How to wash cashmere? What does good riddance mean? How to get obsidian in minecraft? How to potty train? How long for adderall to kick in? How to wait in fallout 4? What does dab mean? What do you do with tips if you have two bartenders working? What does pre shipment mean? What are fall vegetables to plant? What is the meaning of the name alli? What is jab meaning in vaccine? How to use nose frida? What is the meaning when your left hand itches? What does elena mean? How you feel meaning? How to draw pants? What restaurants are open on christmas day 2021? What are the best ways to learn skateboard tricks? What does busking mean? How to do split tongue tricks? How do tips left on receipts work? How to tell if yeezys are fake? What are the chances of getting into fri if i'm a tips scholar? How to fix tennis elbow? You are beautiful no matter what they say? What are sole of the brat tips for leading a girl on? How to get rid of fleas? What are grapes? What does 10 pounds of fat look like? what is a helper t cell and what does it do What does monster taste like? What is doxxing? What does ion mean in text? What does upside down american flag mean? How much to spend on wedding gift? How to get mega energy in pokemon go? Tips on how to get a show funded? What does xv mean? How to make candy tips for hookah? How to throw a sinker? who made the hamburger helper mascot? What is the meaning of the word kike? How do quick change artist do there tricks? What does crabs look like? How to game share on ps5? What is meaning of pro? What is ad&d insurance? How to read the quick tips in red dead redemption 2? Bodyboarding tricks how to? What does vulgar mean? What are plates made of? How to fix paint chips on car? Pinterest gardening tips how to grow swee potatoes? How to use airpods pro? What does home equity mean? What does nona mean? What does nurture mean? What does ancillary mean? What are polydactyl cats? How to annotate on zoom? What does revision mean? What is the meaning of beet? How do u unlock tricks and stones ffxiv? What does dont tread on me mean? python what to call a helper method What are the first signs of your body shutting down? How to get cash advance from credit card? How to find the domain? When should i start teaching my puppy tricks? What time does sun go down today? What does boost mean? What does bae stand for? How to train your puppy to do tricks? What does down to earth mean? How not to die book? When did india rubber first get used for cane tips? What is the meaning of despacito? who is super man's helper What is an ein? which t helper cell is important for virus What is blackfishing? What does mm yy mean? What does disenfranchised mean? What does igg mean? How to go to sleep faster? How to cook beef ribs in the oven? What does gouge mean? How bad are black and milds wooden wine tips? What are stacked jeans? What time does kroger's open? What is the meaning of similar? What does bi monthly mean? How to style nike blazers? How to set google as default browser? What are the tips of the lef called? how to become a moving helper How to fry pork chops? how long can you keep beef pasta hamburger helper in fridg What is rosuvastatin used for? Tips for.lookimg.rested when ypu didnt.sleep? What time does the superbowl start on sunday? What is the meaning of the word awe? How to make your period start? What does uss mean? What does it mean with the tips of my leaves turn brown? How to resign? How to convert heic to jpg on mac? What is the meaning of attributes? What are the tips to solve relationship problems? What does a cytoplasm do? How to cut fennel? What are some cool tricks in abelton? How to thicken potato soup? What do black toenails mean? How must an employer report his/her employees' tips to the irs open study? How to make bacon in the oven? What does it mean to be called a karen? What color should i dye my tips quiz? How to get rid of bumps on arms? What tricks did houdini do? How to train your betta to do tricks? Site:pinterest.com/pin/ what is insulate britain meaning? steam web helper crashes when loading youtube videos