Ineos buys up North Sea gas fields

Ineos has bought North Sea platforms and their associated gas fields
Ineos has bought North Sea platforms and their associated gas fields

Petrochemical giant Ineos has signed a deal with a German firm to purchase all the North Sea gas fields the company owns.

The fields, the largest of which are Breagh and Clipper South in the southern North Sea, are located close to Ineos bases in Grangemouth and the North East of England and provide up to eight per cent of the UK’s gas – enough to warm one in 10 British homes.

The new deal with DEA Deutsche Erdoel AG means the drilling platforms, infrastructure and the highly skilled team that runs them will form part of the new Ineos Upstream business division based in London.

Ineos chairman Jim Ratcliffe said: “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.”

The move comes just days after the Scottish Government announced it was extending its existing fracking moratorium to include offshore underground coal gasification (UCG) projects.