INEOS targets North Sea operations

INEOS has completed its purchase of the North Sea natural gas assets of DEA Deutsche Erdoel, which is owned by L1 Energy. The platforms, infrastructure and the team that runs them will form part of the new INEOS Breagh business division based in London. The transaction includes interests in the Breagh and Clipper South gas fields in the southern North Sea.

The annual output from the fields acquired in the deal account for 8% of the UK’s annual gas production, enough gas to warm 1 in 10 British homes.

INEOS recently announced its intention to become a leading UK player in onshore gas development and, as part of the company’s growing interest in energy production, is now evaluating additional opportunities offshore.