INEOS Buys Further UK Offshore Oil & Gas Assets

Published at 01:02PM - 28/10/15

Chemicals company, INEOS, has confirmed that it has acquired a further stake in the UK offshore oil and gas sector.

The company released a statement saying that it has bought a 25% stake in the Clipper South Gas field, from Fairfield Energy, a UK base offshore oil and gas production company.

INEOS’ latest acquisition brings their total stake in the Clipper South field to 75%, having purchased a 50% stake earlier in the month form operator DEA UK, the company backed by Russian billionaire Mikhail Fridman. The remaining 25% is held by Germany’s Bayerngas.

INEOS Upstream Chairman, Rob Nevin, said: “We are very pleased to have been able to acquire this additional share in the Clipper South Gas Field from Fairfield Energy, which is another step forward as we continue to pursue opportunities in the North Sea.”

INEOS said that the transaction with Fairfield Energy is not subject to any ‘regulatory clearances’, therefore, all transactions and titles of ownership have been completed today (28th Oct).

Clipper South Gas Field

The Clipper South Gas Field, located 100 km (62 mi) off the UK’s North Norfolk coast.  It came on-stream in 2013, with an initial production rate of 1.2 million cubic meters per day.

The field has reserves of around 500 billion cubic feet of natural gas in place, and is operated by a normally unmanned platform, that feeds processed gas back to shore via subsea pipeline, to the Theddlethorpe Gas Terminal.

INEOS

INEOS, traditionally a chemical company, is a large consumer of oil and gas by-products, including  ethane, propane and condensates, which its processes at its plants in France, Germany, Norway and the UK, making it Europe’s biggest olefin producer.

Recently, INEOS has been branching out into offshore oil and gas production as it looks to build a fully integrated chemical business.