INEOS – the petro-chemicials giant which owns and operates the Grangemouth refinery – has increased its ownership of North Sea gas fields by acquiring the 25% interest in the Clipper South gas field held by Fairfield Energy.
Earlier this month, INEOS announced its acquisition of a portfolio of natural gas assets, including the Breagh and Clipper South fields in the Southern North Sea from the DEA AG Group. Upon completion of this acquisition, INEOS will own a combined interest of 75% in Clipper South.
The acquisition of these North Sea gas fields present an ‘entry point’ for the INEOS Upstream business at Grangemouth. They are high quality, low risk assets and the deal with LetterOne earlier this month brings with it an experienced offshore management team.
Rob Nevin INEOS Upstream Chairman “We are very pleased to have been able to acquire this additional share in the Clipper South Gas Field from Fairfield Energy, which is another step forward as we continue to pursue opportunities in the North Sea.”
David Peattie, Chief Executive, Fairfield Energy, said: “This sale is part of our strategy to become a decommissioning-focussed company where our priority is the safe and efficient decommissioning of the Dunlin field cluster as announced this summer.”.
INEOS and its JV partners are huge consumers of natural gas, ethane, propane and condensates.
Meanwhile, Aberdeen-based EnQuest has produced its first oil from the Alma-Galia development in the central North Sea. EnQuest’s 65% working interest in the field was estimated at the start of this year to amount to about 26 million barrels.
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