INEOS launches six new oil and gas businesses
INEOS Oil and Gas is creating six new businesses. These businesses have been created following the company’s extraordinary 2017 growth. The changes will allow each business to focus on its core activities, providing better decision making and more transparent financial reporting.
INEOS is now a top ten company in the North Sea and the biggest privately-owned exploration and production business operating in North West Europe. It has a daily production of around 95,000 boe (barrel of oil equivalent) from assets located in Norway, Denmark and the United Kingdom.
Geir Tuft, CEO INEOS Oil & Gas said: “The creation of these six new business units will help INEOS Oil and Gas to grow even more quickly. We have a strong track record of acquiring top class assets and improving their efficiency and reliability, securing long term employment and investment.”
INEOS has today confirmed that it is launching six new oil and gas businesses. The announcement follows the completion of a number of North Sea Oil and gas acquisitions that began in 2015. Today INEOS is a top ten company in the North Sea and the biggest privately-owned exploration and production business operating in North West Europe.
It has taken INEOS just two years to grow a substantial Oil & Gas business across onshore and offshore activities. In addition to the acquisition of DEA UK and Fairfield Energy Assets, it has acquired DONG Energy’s Oil & Gas business, the Forties Pipeline System from BP, significant onshore and offshore exploration licenses and expanded its own Upstream Services Business.
INEOS Oil & Gas now employs around 1,000 employees across 13 producing assets located in Norway, Denmark and the United Kingdom. It has a daily production of 95,000 boe (barrel of oil equivalent) and has extensive gas reserves estimated to be between 3 – 5 trillion cubic feet of gas in place.
INEOS is also the largest holder of shale gas licenses in the UK and is well positioned to pursue significant growth opportunities through further developments and exploration across all locations.
INEOS Oil and Gas has the overall responsibility for all of INEOS’ Oil and Gas related activities. It is led by Geir Tuft as CEO. INEOS Oil & Gas now includes the following six business units:
- INEOS Oil & Gas Denmark consists of operated and non-operated oil and gas assets located in Denmark. The business is headed by Flemming Horn Nielsen as its CEO with offices and operations in Esbjerg and Gentofte, Denmark.
- INEOS Oil & Gas Norway consists of the assets located in Norway. The business is led by Sebastian Koks Andreassen as CEO with its office located in Stavanger, Norway.
- INEOS Oil & Gas UK consists of the INEOS Breagh assets and all assets mainly in the West of Shetlands acquired from DONG Energy. The business is led by David Brooks as CEO, and is based in London, UK.
- INEOS FPS consists of the Forties Pipeline System, the Kinneil terminal and gas processing plant, the Dalmeny terminal, sites at Aberdeen, the Forties Unity Platform and associated infrastructure. This strategic UK asset that delivers almost 40% of the UK’s North Sea oil and gas is led by Andrew Gardner as CEO, with operations in Falkirk and Aberdeen, UK.
- INEOS Shale is focused on onshore gas development. It is the biggest player in the UK onshore shale gas sector with access to over 1.3 million acres of prime shale exploration areas in England and Scotland. Ron Coyle is the CEO, and the business is based in London, UK.
- INEOS Upstream Services is a new venture that will provide a broad range of high quality upstream services to INEOS and the wider upstream market. The fleet currently consists of onshore seismic surveying equipment and onshore well stimulation and well testing equipment. The business is led by Geoff Holmes as COO and is located in London, UK.
Geir Tuft, CEO INEOS Oil & Gas adds: “The North Sea continues to present new opportunities for INEOS. These six new units will allow us to run our businesses even more effectively than before. I am delighted that they are now all under INEOS ownership and part of our growing Oil & Gas division.”
For further information:
Richard Longden (INEOS) 0041 21 627 7063 firstname.lastname@example.org
Peter Hindsberger (INEOS Oil & Gas Denmark) 0045 30 18 66 97 email@example.com
Andrew McLachlan (Media Zoo) 020 7384 6980 or 07931 377162 firstname.lastname@example.org
Joseph Wade (Media Zoo) 020 7284 6980 or 07758 074576 email@example.com
Note to editors:
INEOS www.ineos.com is one of the largest chemicals companies and the 200th largest businesses in the world. It employs around 19,300 people across 181 sites in 22 countries with sales in 2017 of $60bn and EBITDA close to $7bn. The company has grown rapidly in the petrochemicals sector over the past 20 years, with more recent focus broadening its activity into the Upstream E&P sector.
INEOS is currently a Top 10 company and the biggest private enterprise operating in the North Sea. Its oil and gas activities comprise six different businesses including INEOS Shale, focused on onshore gas development; INEOS Oil & Gas UK operating in the UK southern North Sea as well as non-operated assets West of Shetland; INEOS FPS, which runs the Forties Pipeline System, recently acquired from BP; INEOS Upstream Services; INEOS Oil & Gas Denmark and INEOS Oil & Gas Norway running assets recently acquired from DONG Energy . It has about 1000 employees and capabilities to take on further projects and growth.
Products made by INEOS make a significant contribution to saving life, improving health and enhancing standards of living for people around the world. From paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life.
- Chlorine to purify 98% of the UK’s drinking water.
- Solvents used in the production of insulin and antibiotics.
- Plastics to package, protect and preserve food & drink.
- Essential ingredients for carbon fibre, making cars and aircraft lighter and stronger.
- Insulation for electrical components, telecommunication cables, houses and office buildings.
- Products transformed into automotive parts, used in medical applications, construction, clothing and electronics.