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  • INEOS buys North Sea gas fields
    édité le 12/10/2015 - Plus de news de "INEOS" - Voir la fiche entreprise de "INEOS"


INEOS buys North Sea gas fields
INEOS announced that it has agreed to acquire a strong portfolio of natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG, which is part of the LetterOne Group.

INEOS Upstream will acquire gas fields, including the Breagh and Clipper South fields in the Southern North Sea which are well positioned close to INEOS’ sites in the North East and Scotland. The annual production from these fields account for 8% of the UK’s annual gas production.

INEOS is a new entrant to the North Sea. However, the company has extensive experience in operating chemical plants of similar complexity to these offshore platforms.

As one of the world’s largest operators of chemical plants and a huge consumer of hydrocarbons these assets should make a significant contribution to INEOS’s European energy and feedstock strategy.

The company operates Scotland’s largest manufacturing complex at Grangemouth which is the only refining / petrochemicals complex directly attached to the North Sea.

INEOS has recently announced its intention to be 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 in the offshore area.

As part of the company’s ongoing business planning, it has set up INEOS Upstream, a new oil and gas subsidiary of INEOS AG and is working with a number of top class North Sea oil and gas professionals. Their first task has been to conduct a strategic review of the potential opportunities in the North Sea to see whether these are suitable to play a part in the development of the INEOS Upstream business.

Rob Nevin, Chairman INEOS Upstream, says, “INEOS and its JV partners are huge consumers of natural gas, ethane, propane and condensates. North Sea oil and gas can make a significant contribution to providing these feedstocks as well as servicing our energy needs.”

INEOS also owns a number of Shale gas licences in England and Scotland and is investing a further $1 billion in an ambitious project to bring US Shale gas to the UK and to Norway.

Jim Ratcliffe, INEOS chairman adds, “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”.

Notes:

The transaction is subject to competition clearance from the European Commission. We do not foresee any major issue with receiving this clearance, and are hopeful for a completion date in later this year.

The existing management team at DEA’s UK business will stay in place and run the business post-completion. This team has successfully developed the assets that have made this transaction interesting to INEOS, and has the full support of INEOS.

About INEOS

INEOS will be the sole operator of the three licenses awarded today. Shale gas extraction has transformed communities in the USA where landowners own the mineral rights under their property. INEOS has developed an industry leading community benefits package that seeks to replicate this, giving communities a real stake in development. INEOS has promised to share 6% of revenues. Four percent of this would go to homeowners and landowners in the immediate vicinity of a well, and a further 2% to the wider community. Based on our estimates, a typical 10km by 10km development area would generate £375m for the community over its lifespan. Overall we anticipate that our future shale gas business could contribute over £2.5bn to communities under this scheme, having a material impact on regional economies and the standard of public services.

INEOS recognises that shale gas extraction is a controversial issue and communities have understandable questions about the potential risks and rewards. We will engage comprehensively and openly with communities at every stage to accurately convey the risks and rewards, so they can make an informed judgment about extraction. It is the view of mainstream scientific authorities such as the Royal Society and Royal Academy of Engineering that shale gas can be extracted safely with appropriate regulation, and there could be real benefits from doing so, including jobs, tax revenue, local investment and improved energy security. It is vital to have a thorough and evidence-based conversation to ensure this opportunity is considered properly.

About DEA

DEA Deutsche Erdoel AG is an international exploration and production company for oil and gas with headquarters in Hamburg, Germany. In exploring for and producing oil and gas, we rely on state-of-the-art drilling and production technology and the extensive know-how gained during our 116-year corporate history.


Origine : Communiqué INEOS

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