Newsletter 
  INSCRIPTION Inscription | ESPACE ANNONCEURS Publicité | CONTACT Contact |PLAN DU SITE Plan


Europétrole, le portail de l'industrie du pétrole
 
 accueil | actualité française | actualité internationale | recherche | interviews | focus | actualité par entreprise | actualité pétrole/gaz de schiste 
Partager :

  • INEOS to acquire the North Sea Forties Pipeline System and Kinneil terminal from BP for $250m
    édité le 03/04/2017 - Plus de news de "INEOS" - Voir la fiche entreprise de "INEOS"


INEOS to acquire the North Sea Forties Pipeline System and Kinneil terminal from BP for $250m
INEOS has announced that it has agreed to acquire the Forties Pipeline System (FPS) and associated pipelines and facilities from BP. The 235 mile Forties pipeline system links 85 North Sea oil and gas assets to the UK mainland and the INEOS site in Grangemouth in Scotland.

Under the terms of the agreement INEOS will pay BP a consideration of up to $250 million for the business, comprising a cash payment of $125 million on completion and an earn-out arrangement over seven years that could total $125 million.

On completion of the deal the ownership and operation of FPS, the Kinneil terminal and gas processing plant, the Dalmeny terminal, sites at Aberdeen, the Forties Unity Platform and associated infrastructure will transfer to INEOS. These assets will transfer as fully operational units, at which point INEOS will be responsible for a strategic UK asset that delivers almost 40% of the UK’s North Sea oil and gas.

It is expected that around 300 people that operate and support the FPS business at Kinneil, Grangemouth, Dalmeny and offshore will become part of the INEOS Upstream business.

Jim Ratcliffe said: “The North Sea continues to present new opportunities for INEOS. The Forties Pipeline System is a UK strategic asset and was originally designed to work together to feed the Grangemouth refinery and petrochemical facilities. We have a strong track record of acquiring non-core assets and improving their efficiency and reliability, securing long term employment and investment. I am delighted that we can now bring this integrated system back under single ownership in INEOS.”

BP group chief executive Bob Dudley commented: “BP is returning to growth in the North Sea as we bring important new projects, including the Quad 204 redevelopment and Clair Ridge, into production and pursue further opportunities beyond these. While the Forties pipeline had great significance in BP’s history, our business here is now centred around our major interests west of Shetland and in the Central North Sea.

The pipeline has long been an important feedstock supplier to INEOS at Grangemouth. We believe that through also owning FPS, INEOS will be able produce greater efficiencies and help secure a competitive long-term future for this important piece of UK oil and gas infrastructure.”

20% of the oil that passes down the pipeline feeds the INEOS refinery to provide 80% of Scotland’s fuel.

The agreement further expands the INEOS Upstream business following the acquisition of the Breagh and Clipper South gas fields in the Southern North Sea from Letter1 in 2015, which currently supply gas to 1 in 10 British homes.

The acquiring entity will be INEOS FPS Limited, which forms part of INEOS Limited but is not part of the IGH SA Group.

The acquisition and transfer of operatorship is targeted to complete in Q3 this year, subject to the receipt of regulatory and other third party approvals.

The deal includes the FPS business, including 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 the Forties pipeline

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 oil and some 3,500 tonnes of raw gas a day. The system has a capacity of 575,000 barrels of oil a day. BP sold its interests in the Forties field to Apache in 2003 and sold Grangemouth refinery and chemical plants to INEOS in 2005.

The FPS 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.

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 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"





Les dernières news de "INEOS"

 
 
Emploi-Pétrole
 
Rechercher une news



française internationale








 
Les dernières news internationales


>> Toute l'actualité internationale     >> RSS
 
Recherche de news par tags

abu-dhabi adnoc aker-solutions algeria algerie algerie alstom amec anadarko angola apache australia axens azerbaijan baker-hughes barents-sea bechtel bg-group bp brazil canada carburant cbi cgg chevron china chiyoda cnooc cnpc co2 commission-europeenne compressor conocophillips consommation cpdp deepwater discovery drilling e-on edf egypt emerson engie engineering eni equinor exxonmobil feed flng flowline fluor fluxys fmc foster-wheeler fpso fsru fugro gabon gas gaz gazprom gazprom-neft gdf-suez ge ghana gnl gtt gulf-of-mexico hess india indonesia inpex iraq jacobs jgc kbr keppel licence lng lukoil lundin maersk-drilling malaysia mcdermott methanier mozambique natural-gas nigeria nigeria nord-stream north-sea norway novatek offshore oman omv opec pdvsa pemex petoro petrobras petrofac petronas pgnig pipeline platform qatar qatar-petroleum qatargas raffinerie refinery repsol rig riser rosneft russia rwe saipem santos saudi-aramco schlumberger seadrill senegal shah-deniz shale-gas shell sinopec socar sonatrach south-stream statoil subsea subsea-7 tap technip technipfmc texas total transocean tullow turbine ufip uk vallourec vessel vopak well wintershall wood-group woodside



Europétrole © 2003 - 2020