INEOS completes deal to acquire DEA UK North Sea gas fields
- INEOS has today completed the purchase of all of the UK North Sea gas fields owned by DEA Deutsche Erdoel AG , the German-based subsidiary of L1 Energy .
- The platforms, infrastructure and the highly skilled team that runs them will form part of a new business to be called INEOS Breagh based in London.
- The fields acquired by INEOS in the Southern North Sea provide up to 8% of the UK’s gas, enough gas to warm 1 in 10 British homes. The fields themselves are well positioned, close to INEOS’ assets in the North East and Scotland.
- Geir Tuft, CEO of INEOS Breagh says, “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.”
INEOS today completed the purchase of the North Sea natural gas assets of DEA Deutsche Erdoel AG, which is owned by L1 Energy . The platforms, infrastructure and the highly skilled team that runs them will form part of the new INEOS Breagh business division that will be based in London.
Geir Tuft, CEO of INEOS Breagh says, “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.”
The transaction includes interests in the Breagh and Clipper South gas fields in the Southern North Sea. The annual production from the fields acquired in this deal account for 8% of the UK’s annual gas production, enough gas to warm 1 in 10 British homes.
INEOS has recently announced its intention to become the leading UK player in onshore gas development and, as part of the company's growing interest in energy production, is now evaluating additional opportunities offshore.
As part of the company’s ongoing strategic business planning, INEOS AG has set up a new oil and gas subsidiary and is working with a number of top class North Sea oil and gas professionals. This group will continue to review potential opportunities in the North Sea to assess their suitability in the development of the business.
ENDS.
Media contacts
Richard Longden (INEOS) 0041 21 627 7063 or 0041 7996 26123
Mark Killick (Media Zoo) 020 7384 6980 or 07836 634449
Andrew McLachlan (Media Zoo) 020 7384 6980 or 07931 377162
Hannah Brandstaetter (Media Zoo) 020 7384 6980 or 07896 776554