INEOS Expands North Sea Portfolio

Swiss chemical company INEOS acquired a 25% interest in the Clipper South Gas Field from Fairfield Energy Holdings, confirming its intention to expand its Upstream portfolio in the North Sea. 

‘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’ reads a note released on Wednesday. 

INEOS sees in the Upstream investments a good opportunity to produce part of the natural gas, ethane, propane, and condensates it needs for its operations.  

“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” Rob Nevin, INEOS Upstream Chairman, commented. 

INEOS reported that the transaction with Fairfield is not subject to any regulatory clearances and therefore completed on Wednesday.