INEOS buys more North Sea gas assets

INEOS has bought a 25% share in a gas field in the North Sea. The new deal increases the petrochemical giant’s ownership in the Clipper South Gas Field to 75%. […]

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By Priyanka Shrestha

INEOS has bought a 25% share in a gas field in the North Sea.

The new deal increases the petrochemical giant’s ownership in the Clipper South Gas Field to 75%.

It follows the agreement to buy all of the UK North Sea gas fields from DEA AG Group earlier this month for £500 million, which included a 50% interest in Clipper South.

Rob Nevin, INEOS Upstream Chairman said: “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.”

Bayerngas Europe holds the remaining 25% share.

INEOS also owns a number of shale gas licences in England and Scotland and has pledged to invest $1 billion (£0.64bn) in the UK.