Switzerland-based Ineos has completed the £490m acquisition of all DEA Deutsche Erdoel-owned UK North Sea gas fields from investment firm LetterOne.
A new business called Ineos Breagh based in London will consist of the platforms and infrastructure that would operate the fields.
Ineos said that the acquired fields in the Southern North Sea can supply 8% of gas requirements in UK. They are located close to the company’s assets in the north-east and Scotland.
Ineos Breagh CEO 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."
Announced in October, the acquisition included more than 30 licences on the UK Continental Shelf, including interest the Breagh, Clipper South, Cavendish, Windermere and Topaz gas fields in the southern North Sea.
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Ineos also acquired DEA UK’s share in nine producing gas fields in the North Sea.
Ineos Upstream chairman Rob Nevin said: "Ineos and its JV partners are huge consumers of natural gas, ethane, propane and condensates.
"North Sea oil and gas can make a significant contribution to providing these feedstocks, as well as servicing our energy needs."
The company has established a new oil and gas subsidiary as part of its ongoing strategic business planning and is working with various North Sea oil and gas professionals.
The chemical major, which operates Grangemouth refinery, announced in October this year to buy 12 North Sea gas fields from LetterOne owned by Russian businessman Mikhail Fridman.
LetterOne had bought these assets from German company RWE, but was forced to sell the assets following sanctions imposed by Western countries on Russia following Ukraine crisis.
Image: DEA’s Clipper South gas field in Southern North Sea. Photo: courtesy of DEA Deutsche Erdoel AG.
