Ineos sets up six new oil and gas units
- Business & Finance
Following the completion of a number of North Sea oil and gas acquisitions that began in 2015, Ineos, a chemicals company, is launching six new oil and gas businesses.
Today, Ineos is a top ten company in the North Sea and the biggest privately-owned exploration and production business operating in North West Europe, the company said in a statement announcing the six new units on Monday.
It has taken Ineos just two years to grow a substantial oil & gas business across onshore and offshore activities. In addition to the acquisition of DEA UK and Fairfield Energy assets, it has acquired DONG Energy’s Oil & Gas business, the Forties Pipeline System from BP, significant onshore and offshore exploration licenses and expanded its own Upstream Services Business.
Ineos Oil & Gas now employs around 1,000 employees across 13 producing assets located in Norway, Denmark and the United Kingdom. It has a daily production of 95,000 boe (barrel of oil equivalent) and its extensive gas reserves are estimated to be between 3 – 5 trillion cubic feet of gas in place.
Ineos noted it is also the largest holder of shale gas licenses in the UK. Ineos Oil and Gas has the overall responsibility for all of Ineos’ oil and gas related activities. It is led by Geir Tuft as CEO and it now includes six business units.
Ineos Oil & Gas Denmark consists of operated and non-operated oil and gas assets located in Denmark. The business is headed by Flemming Horn Nielsen as its CEO with offices and operations in Esbjerg and Gentofte, Denmark.
Ineos Oil & Gas Norway consists of the assets located in Norway. The business is led by Sebastian Koks Andreassen as CEO with its office located in Stavanger, Norway.
Ineos Oil & Gas UK consists of the Ineos Breagh assets and all assets mainly in the West of Shetlands acquired from DONG Energy. The business is led by David Brooks as CEO, and is based in London, UK.
Ineos FPS consists of the Forties Pipeline System, the Kinneil terminal and gas processing plant, the Dalmeny terminal, sites at Aberdeen, the Forties Unity Platform and associated infrastructure. This strategic UK asset that delivers almost 40% of the UK’s North Sea oil and gas is led by Andrew Gardner as CEO, with operations in Falkirk and Aberdeen, UK.
Ineos Shale is focused on onshore gas development. It is the biggest player in the UK onshore shale gas sector with access to over 1.3 million acres of prime shale exploration areas in England and Scotland. Ron Coyle is the CEO, and the business is based in London, UK.
Ineos Upstream Services is a new venture that will provide a broad range of upstream services to Ineos and the wider upstream market. The fleet currently consists of onshore seismic surveying equipment and onshore well stimulation and well testing equipment. The business is led by Geoff Holmes as COO and is located in London, UK.
Geir Tuft, CEO Ineos Oil & Gas, adds: “The North Sea continues to present new opportunities for Ineos. These six new units will allow us to run our businesses even more effectively than before. I am delighted that they are now all under Ineos ownership and part of our growing Oil & Gas division.”