INEOS has confirmed that it is launching six new oil and gas businesses. The announcement follows the completion of a number of North Sea Oil and gas acquisitions that began in 2015. Now, INEOS is the biggest privately-owned exploration and production business operating in North West Europe.
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 has a daily production of 95,000 boe (barrel of oil equivalent) and has extensive gas reserves estimated to be between 3 – 5 trillion cubic feet of gas in place.
INEOS is also the largest holder of shale gas licenses in the UK and is well positioned to pursue significant growth opportunities through further developments and exploration across all locations.