INEOS completes deal to buy North Sea gas fields
Chemicals giant INEOS has completed the purchase of North Sea gas fields which provide up to 8% of the UK's gas.
Chemicals giant INEOS has completed the purchase of North Sea gas fields which provide up to 8% of the UK's gas.
The fields were owned by DEA Deutsche Erdoel, a German-based subsidiary of L1 Energy.
The fields, in the southern North Sea, are close to assets owned by INEOS in Scotland and the North East.
The annual production from the fields provides enough gas to heat one in 10 British homes, said INEOS.
The platforms, infrastructure and employees running them will form part of a new business to be called INEOS Breagh Chief executive Geir Tuft said: We are pleased to have completed the deal to acquire this strong portfolio of natural gas assets and bring on board a highly successful and experienced North Sea industry team.''