Sector News

Ineos acquires further interests in North Sea gas fields

October 28, 2015
Chemical Value Chain

Ineos on Wednesday announced that it has acquired a 25% interest in the Clipper South gas field from Fairfield Energy Holdings. The deal follows an agreement on 11 October to acquire all of the UK North Sea gas fields from the DEA AG group, including a 50% interest in Clipper South. The latest acquisition will increase Ineos’s ownership of Clipper South to 75% and brings with it development interests in three other licenses.

The acquisition of these North Sea gas fields present “a great entry point” for the Ineos upstream business, the company says. “They are high quality, low risk assets and the deal with LetterOne earlier this month will bring with it a highly experienced offshore management team,” Ineos says. Ownership of Clipper South was previously held by the operator DEA UK (50%) and Fairfield (25%), which will transfer to Ineos. Bayerngas Europe holds the remaining 25%. The transaction with Fairfield is not subject to any regulatory clearances and has been completed on Wednesday. The prior transaction with LetterOne remains subject to regulatory clearances.

Ineos and its joint venture partners are huge consumers of natural gas, ethane, propane and condensates. North Sea oil and gas will make a significant contribution to providing these feedstocks as well as servicing the company’s energy needs.

By Natasha Alperowicz

Source: Chemical Week

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