INEOS acquires further interests in North Sea gas fields.
- INEOS has today acquired a 25% interest in the Clipper South Gas Field from Fairfield Energy Holdings Limited.
- The deal follows the agreement on 11 October to acquire all of the UK North Sea gas fields from the DEA AG Group, including a 50% interest in Clipper South.
- Today’s acquisition will increase INEOS ownership of Clipper South to 75% and brings with it development interests in 3 other licenses.
- Rob Nevin INEOS Shale Chairman “We are very pleased to have been able to acquire this share in the Clipper South Gas Field from Fairfield Energy, which is another step forward as we pursue opportunities in the North Sea.”
INEOS has today increased its ownership of North Sea gas fields as it has acquired the 25% interest in the Clipper South gas field held by Fairfield Energy Holdings Limited.
INEOS has again moved quickly to increase its share of assets in the North Sea.
INEOS announced on 11th October its acquisition of a portfolio of natural gas assets, including the Breagh and Clipper South fields in the Southern North Sea from the DEA AG Group. Upon completion of this acquisition INEOS will own a combined interest of 75% in Clipper South.
The acquisition of these North Sea gas fields present a great entry point for the INEOS Shale business. They are high quality, low risk assets and the deal with LetterOne earlier this month will bring with it a highly experienced offshore management team.
Rob Nevin INEOS Shale Chairman “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.”
David Peattie, CEO of Fairfield Energy, said: “I am pleased to announce the sale of our interest in Clipper South to INEOS. This sale is part of our strategy to become a decommissioning focussed company where our priority is the safe and efficient decommissioning of the Dunlin field cluster as announced this summer..”.
Ownership of Clipper South was previously held by the operator DEA UK (50%) and Fairfield (25%), which will transfer to INEOS. Bayerngas Europe Ltd holds the remaining 25%.
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 transaction with Fairfield is not subject to any regulatory clearances and therefore completed today. The prior transaction with LetterOne remains subject to regulatory clearances and that process is underway.
Richard Longden (INEOS) +41 (0) 21 627 7063 or +41 (0) 7996 26123
Mark Killick (Media Zoo) +44 (0) 20 7384 6980 or +44 (0) 7836 634449
Andrew McLachlan (Media Zoo) +44 (0) 20 7384 6980 or +44 (0) 7931 377162
Hannah Brandstaetter (Media Zoo) +44 (0) 20 7384 6980 or +44 (0) 7896 776554
Gayle Grant (Big Partnership for Fairfield Energy) +44 (0) 1224 253808
Alex Nekrassov (New Century for Fairfield Energy) +44 (0) 207 930 8033