Ineos restructures North Sea divisions
Ineos has launched six new oil and gas businesses after completing various major North Sea oil and gas transactions since 2015.
LONDON – Ineos has launched six new oil and gas businesses after completing various major North Sea oil and gas transactions since 2015.
The process started with the acquisition of DEA UK and Fairfield Energy southern UK North Sea gas assets, and continued last year withDONG Energy’s oil and gas business, the Forties Pipeline System from BP, and various other offshore and onshore exploration licenses.
Ineos Oil & Gas, led by CEO Geir Tuft, now employs around 1,000 personnel across 13 producing assets in Norway, Denmark, and the UK, with total production of 95,000 boe/d, and in-place gas reserves estimated at 3-5 tcf.
The six business units are as follows:
- Ineos Oil & Gas Denmark, comprising operated and non-operated oil and gas interests in Denmark, with Flemming Horn Nielsen as CEO and operations in Esbjerg and Gentofte, Denmark.
- Ineos Oil & Gas Norway, led by Sebastian Koks Andreassen as CEO and located in Stavanger.
- Ineos Oil & Gas UK, comprising the Ineos Breagh assets and others, mainly those west of Shetland acquired from DONG Energy. David Brooks is the CEO, with the business based in London.
- INEOS FPS comprises the Forties Pipeline System, the Kinneil terminal and gas processing plant and Dalmeny terminal onshore Scotland, sites at Aberdeen, the Forties Unity Platform in the North Sea and associated infrastructure. The FPS delivers almost 40% of the UK’s North Sea oil and gas. Andrew Gardner is CEO, with operations in Falkirk and Aberdeen.
- INEOS Shale is focused on onshore gas development. Ron Coyle is CEO, based in London.
- Ineos Upstream Services is a new venture that will provide a broad range of services both to Ineos and the wider upstream market. The fleet currently consists of onshore seismic surveying equipment and onshore well stimulation and well testing equipment. Geoff Holmes is COO, with the business based in London.