INEOS to invest £500 Million into The Forties Pipeline System
FPS is the largest pipeline system in the UK North Sea. It currently transports 40% of the UK’s Oil & Gas from North Sea Oil & Gas platforms to the mainland.
This investment will prolong the life of FPS by at least 20 years supporting North Sea production into the 2040s.
Andrew Gardner, INEOS FPS CEO, says, “We want to re-energise FPS and make it fit for the future. It is a strategic UK asset and we know that a well-invested system will significantly extend the life of the North Sea basin.”
INEOS has announced that it is to invest £500 million into its Forties Pipeline System (FPS). This transformational improvement programme will extend the life of the pipeline by an extra twenty years, supporting North Sea Oil & Gas production into the 2040s.
INEOS intends to overhaul the reliability of the 500km pipeline system, including modernising the environmental systems and implementing the latest technology into its systems. This investment will rejuvenate FPS, delivering a long-term asset that meets the needs of North Sea oil and gas producers.
Andrew Gardner, INEOS FPS CEO, says, “Our customers (North Sea Oil & Gas companies) are telling us that they are going to be in the North Sea well into the 2040s so we are making the commitment to be there with them. Following acquisition of FPS in 2017 we have reviewed the operational efficiency of the pipeline and will now embark on a period of significant investment that will guarantee that FPS is fit for decades to come.”
Opened in 1975, FPS is a strategic UK asset that can transport up to 600,000 barrels of North Sea oil onshore for refining every day. It currently transports 40% of the UK’s Oil & Gas to the mainland.
INEOS believes this strategic commitment to improving and modernising infrastructure will help give its customers the reliability they demand, whilst ensuring they can continue to transport their oil and gas in the most competitive, safe and reliable way.
INEOS has a long track-record of turning around older businesses and transforming their safety, efficiency and reliability for the benefit of customers. The company is confident that these changes can be made without disruption to the pipeline, which continues to offer customers an extremely competitive oil and gas transportation system.
Andrew Gardner adds, “Safety has always been INEOS’ highest priority and all work will be done on this basis. FPS has served the North Sea well for over 40 years, and we’re investing to ensure that continues into the 2040s. This modernisation programme will help extend the life of the North Sea, creating and sustaining specialist jobs for future generations”.
ENDS
Contacts David East (INEOS) 01324 476948
Andrew McLachlan (Media Zoo) 020 7384 6980 or 07931 377162