INEOS purchase to boost Clipper South stake

INEOS has further increased its natural gas interests in the UK North Sea with the acquisition of a 25% stake in Clipper South field from Fairfield Energy Holdings Ltd.

The Rolle, Switzerland, chemical company acquired the interest by purchasing two 100%-owned Fairfield subsidiaries: Fairfield Acer Ltd. and Fairfield Ltd. The companies didn’t report terms.

The deal will boost the INEOS Clipper South interest to 75% when the company completes a separate acquisition to which it has agreed with DWE AG Group (OGJ Online, Oct. 12, 2015). That agreement covers interests in several other North Sea gas fields besides the 50% Clipper South share. Bayerngas Europe Ltd. owns the remaining 25% Clipper South interest.

Faifield Energy said sale of the Clipper South and smaller interests to INEOS enables it to focus on decommissioning the Dunlin cluster of oil and gas fields in the northern North Sea, which began this summer. The cluster, 500 km north-northeast of Aberdeen in the East Shetland basin, comprises Dunlin, Dunlin Southwest, Merlin, Osprey, Skye, and Block 6 fields.

Fairfield’s 30% partner in the Dunlin cluster is Mitsubishi Corp. subsidiary MCX Dunlin Ltd.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...