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.
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.