The acquisition is a part of the company’s plan to boost its energy resources in order to strengthen its petrochemical business.
Ineos chairman Jim Ratcliffe said: "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."
Under the terms of the agreement, Ineos Upstream, a new oil and gas subsidiary of Ineos, will acquire gas fields, including the Breagh and Clipper South fields, in the Southern North Sea.
Expected to provide up to 8% of the UK’s gas, the fields are located close to Ineos’ assets in the North East and Scotland.
Ratcliffe added: "The acquisition of these North Sea gas fields is a great entry point for the INEOS Upstream business.
"They are high quality, low risk assets and they come with a highly experienced management team. Whilst no decisions have yet been made, we will continue to evaluate other opportunities in the North Sea."
Russian billionaire Mikhail Fridman-led investment vehicle, LetterOne acquired these fields from RWE Dea earlier this year through €5bn deal.
However, in April, the UK Government has asked LetterOne to sell its North Sea petroleum licenses by October as a result of sanctions imposed by the US and European Union on Russia over Ukraine crises.
LetterOne was reportedly in talks with German utility E.ON to acquire the latter’s Norwegian North Sea oil and gas assets for $1bn.
In addition to investing $1bn to bring US Shale gas to the UK and to Norway, Ineos is assessing additional opportunities in the offshore area.
The transaction is subject to the European Commission’s competition clearance.
Image: Ineos plans to invest $1bn to bring US Shale gas to the UK and Norway. Photo: courtesy of INEOS.
