Ineos complete North Sea deal

North Sea oil rig - the offshore industry has been squeezed by slumping oil prices.
North Sea oil rig - the offshore industry has been squeezed by slumping oil prices.

Petrochemical giant Ineos has completed the multi-million pound purchase of all UK North Sea gas fields owned by German firm DEA Deutsch Erdoel AG.

The fields acquired by Ineos in the Southern North Sea provide up to 8 per cent of the UK’s gas – enough to heat one in ten British homes. The fields themselves are close to Ineos assets in the North East and Scotland.

The platforms, infrastructure and the highly skilled team that runs them will form part of a new business to be called Ineos Breagh based in London.

Geir Tuft, CEO of Ineos Breagh said: “We are pleased to have completed the deal to acquire this strong portfolio of natural gas assets and bring on board a highly successful and experienced North Sea industry team.”

Ineos recently announced its intention to become 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 offshore.