Chemicals giant Ineos has acquired a majority stake in two exploration licences in the Northern Gas Fields located in the West of Shetland.
Ineos said the move complements its £1 billion acquisition of Danish firm Dong Energy’s upstream interests made earlier this year.
Purchase of the licences from Siccar Point Energy, which maintains a minority stake, includes exploration on the Lyon prospect. According to Ineos, Lyon contains between one and three trillion cubic feet of recoverable gas.
Four oil and gas fields make up the Lyon cluster, including Tobermory, Bunnehaven and Cragganmore.
Ineos Oil & Gas CEO Geir Tuft said: “This deal confirms our aim to take a leading role to develop the Northern Gas Fields using the significant infrastructure investments already made West of Shetland.
“With the purchase of the DONG E&P business earlier in the year, Ineos took over a significant portfolio of producing assets and discoveries West of Shetland. It is clear that the Northern Gas Area holds further opportunities that could help unlock the development of those discoveries.”
Completion of the transaction is subject to regulatory approval.
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