Buy low sell high - INEOS buys North Sea gas fields

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Buy low sell high - INEOS buys North Sea gas fields

Post by Admin on Tue Oct 27, 2015 10:58 am

Good to see some serious speculation going on here.

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 press

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