UK Firm Completes Deal for North Sea Gas Assets, Including Breagh and Clipper South

Chemical giant INEOS has announced today that it has completed a transaction to acquire all of DEA Deutsche Erdoel's UK North Sea gas field assets, including the Breagh and Clipper South fields. 

In a statement released on INEOS' website today, the company says the takeover will include platforms, infrastructure and "the highly skilled team that runs them." INEOS will operate the fields through a newly formed subsidiary, INEOS Breagh, which is to be based in London.

The gas from the fields is enough to provide up to 8% of the UK’s gas, INEOS said, enough to warm 1 in 10 British homes. "The fields themselves are well positioned, close to INEOS’ assets in the North East and Scotland," the statement added.

The transaction is part of INEOS' stated drive to becoming a leading player in UK gas. Already this year, the company completed a transaction with IGas, which saw INEOS take a 50% interest in seven IGas shale gas licences in the Bowland licences.

In October, it also took a 25% interest in the Clipper South Gas Field from Fairfield Energy Holdings, bringing its stake in that field at that time to 75%.