INEOS has launched six new oil and gas businesses covering shale gas as well as assets in Denmark, Norway and the UK.
The announcement follows the completion of a number of North Sea oil and gas acquisitions that began in 2015. In addition to the acquisition of DEA UK and Fairfield Energy Assets, it has also acquired DONG Energy's Oil and Gas business, the Forties Pipeline System from BP, significant onshore and offshore exploration licenses and expanded its own upstream services business.
INEOS Oil and Gas is led by Geir Tuft as CEO and comprises:
- INEOS Oil and Gas Denmark – operated and non-operated oil and gas assets in Denmark
- INEOS Oil and Gas Norway
- INEOS Oil and Gas UK – the Ineos Breagh assets and all assets mainly in the West of Shetlands
- INEOS FPS – the Forties Pipeline System, the Kinneil terminal and gas processing plant, the Dalmeny terminal, sites at Aberdeen, the Forties Unity Platform and associated infrastructure
- INEOS Shale – focused on onshore gas development
- INEOS Upstream Services – a new venture that will provide a broad range of high quality upstream services to Ineos and the wider upstream market.
Tuft says: 'The North Sea continues to present new opportunities for Ineos. These six units will allow us to run out businesses even more effectively than before.'
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