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  • INEOS completes the acquisition of the North Sea Forties Pipeline System and Kinneil Terminal from BP
    édité le 01/11/2017 - Plus de news de "INEOS" - Voir la fiche entreprise de "INEOS"


INEOS completes the acquisition of the North Sea Forties Pipeline System and Kinneil Terminal from BP
The completion of the deal consolidates INEOS’ position as a top ten company in the North Sea and the largest privately owned exploration and production business operating in the energy basin.

The FPS business is a natural fit for INEOS. Now with the responsibility for a strategic UK asset that delivers almost 40% of the UK’s North Sea oil and gas output, INEOS has further strengthened its long term oil and gas activity.

300 people have transferred to INEOS FPS Limited, the newly formed business that will be part of INEOS Limited.

INEOS FPS CEO, Andrew Gardner says, “This represents another very significant deal for INEOS. The acquisition reunites North Sea and Grangemouth assets under INEOS ownership. INEOS is now the only UK company with refinery and petrochemical assets directly integrated into the North Sea and this deal provides the platform to potential future offshore INEOS investments.”

INEOS has today completed its acquisition of the Forties Pipeline System (FPS) and associated pipelines and facilities from BP. The 235-mile pipeline system links 85 North Sea oil and gas assets to the UK mainland and the INEOS site in Grangemouth, Scotland, delivering almost 40% of the UK’s North Sea oil and gas production.

Ownership and operation of FPS, the Kinneil gas processing plant and oil terminal, the Dalmeny storage and export facility, sites at Aberdeen, the Forties Unity Platform and associated infrastructure has now transferred to INEOS FPS, together with approximately 300 personnel.

Andrew Gardner, CEO INEOS FPS said, “Our acquisition of the Forties Pipeline System and associated assets together with its highly skilled workforce is significant and strategic. It demonstrates INEOS’ commitment to securing a competitive long-term future for this critical piece of oil and gas infrastructure and provides the platform to potential future offshore INEOS investments. We will bring our focus and proven track record on safety, reliability and excellence in operations and apply them throughout the FPS business.”

The deal consolidates INEOS’ position as a top ten company in the North Sea. It further expands the INEOS oil and gas business interests following the acquisitions of the Breagh and Clipper South gas fields in the Southern North Sea from Letter1 in 2015 and the Dong Oil and Gas business from DONG Energy at the end of September this year. Twenty per cent of the oil that passes down the Forties pipeline feeds the Petroineos refinery that in turn provides more than 80% of Scotland’s transport fuels.

About the Forties pipeline

The acquiring entity is INEOS FPS Limited, which is a subsidiary of INEOS Limited but is not part of the IGH SA Group. INEOS FPS is a UK-registered company.

The Forties pipeline was opened in 1975 to transport oil from BP’s Forties field, the UK’s first major offshore oil field. Today FPS carries liquids production from some 85 fields in the Central and Northern North Sea and several Norwegian fields on behalf of 21 companies. In 2016, the pipeline’s average daily throughput was 445,000 barrels of oil and some 3,500 tonnes of raw gas a day. The system has a capacity of 610,000 barrels of oil a day. BP sold its interests in the Forties field to Apache in 2003 and sold its Grangemouth refinery and petrochemical plants to INEOS in 2005.

The Forties Pipeline System primarily comprises a 169 kilometre (105 mile), 36” pipeline from the unmanned offshore Forties Unity platform to the onshore terminal at Cruden Bay. From there a 36” onshore pipeline transports the oil 209 kilometres (130 miles) south to the Kinneil facilities, adjacent to the Grangemouth refinery and chemical plant, where it is processed and stabilised before output is sent either for export via the Dalmeny terminal and Hound Point loading jetty or on to Grangemouth.

The acquisition encompasses the FPS business, existing customer contracts and assets including:

- Forties Pipeline System (100%)
- FPS equipment on Apache’s Forties Charlie platform.
- Forties Unity platform.
- BP’s interest in the GAEL N (54.3%), and GAEL S (30.5%) pipeline.
- 36” Forties sea-line.
- St Fergus-to-Cruden Bay natural gas liquids line.
- Cruden Bay terminal.
- 36” Cruden Bay-to-Kinneil land-line.
- Netherley, Brechin and Balbeggie pumping stations.
- Kinneil terminal.
- LPG storage and export at Grangemouth and Grangemouth docks.
- Kinneil-to-Dalmeny pipelines.
- Dalmeny tank farm and pipelines to Hound Point.
- Hound Point jetties.

About INEOS

INEOS is a leading manufacturer of petrochemicals, specialty chemicals and oil products. Comprising 18 businesses, with a production network spanning 105 manufacturing facilities in 22 countries, it produces more than 60 million tonnes of petrochemicals, 20 million tons per annum of crude oil refined products (fuels) and in 2016 it had sales of around $40bn. Worldwide, INEOS employs 18,500 people. Our management philosophy is to operate a simple and decentralized organizational structure.

INEOS products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. From paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.


Origine : Communiqué INEOS

Voir la fiche entreprise de "INEOS"





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