The six new businesses are Ineos Oil & Gas Denmark, Ineos Oil & Gas Norway, Ineos Oil & Gas UK, Ineos FPS, Ineos Shale and Ineos Upstream Services, which will all operate under Ineos Oil and Gas.
Ineos Oil & Gas Denmark is made up of operated and non-operated oil and gas assets of the group while Ineos Oil & Gas Norway features the Norwegian assets held by the petrochemical firm.
Ineos Oil & Gas UK will comprise the Ineos Breagh assets and all assets located primarily in the West of Shetlands, which were acquired last year.
Ineos FPS will constitute the Forties Pipeline System (FPS), the Kinneil terminal and gas processing plant, the Dalmeny terminal, the Forties Unity Platform and associated infrastructure, and sites at Aberdeen.
Ineos Shale will be focused on developing onshore gas assets while Ineos Upstream Services will be a new venture that will deliver a range of upstream services to Ineos and the wider upstream market.
Ineos Oil & Gas CEO Geir Tuft said: “The North Sea continues to present new opportunities for INEOS. These six new units will allow us to run our businesses even more effectively than before.”
Ineos’ oil and gas acquisitions in the North Sea, which began in 2015, include the $1.3bn deal to purchase the upstream oil and gas of Dong Energy (now known as Ørsted) made in May 2017.
Later, in October 2017, Ineos acquired the North Sea Forties Pipeline System and Kinneil Terminal in Scotland from BP for $250m.
Previously, Ineos had acquired DEA UK from the Germany-based DEA Group in October 2015 to buy its UK North Sea gas fields for an undisclosed price. Around the same time, Ineos acquired Fairfield Energy’s 25% stake in the Clipper South gas field in the Southern North Sea.
Ineos said that it has taken two years to expand its oil and gas business across onshore and offshore activities. Currently, it holds 13 producing assets across Norway, Denmark and the UK.
The company’s daily production stands at 95,000boe with its gas reserves are estimated to be 3–5 trillion cubic feet of gas in place.
Image: Ineos Oil & Gas has 13 assets in production in Norway, Denmark and the UK. Photo: courtesy of INEOS.
