Energy large Ineos has purchased a majority stake in two exploration licenses within the North Sea.

The agency is making the transfer into deep water drilling after agreeing to the exploration licences with Aberdeen-based Siccar Point Energy.

Completion of the transaction stays topic to customary regulatory consents.

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If the exploration is profitable, it may very well be massive sufficient to type a brand new gas-hub improvement just like the Laggan-Tormore fields, which have been developed with sub-sea infrastructure and pipelines to the Shetland Gas Plant.

Geir Tuft, Ineos Oil and Gas chief government, stated: “Ineos intends to change into a big participant on this space.

“This deal confirms our purpose to take a number one position to develop the Northern Gas Fields utilizing the numerous infrastructure investments already made close to Shetland.

“With the acquisition of the DONG E&P enterprise earlier within the yr, Ineos took over a big portfolio of manufacturing belongings and discoveries.

“It is evident that the Northern Gas Area holds additional alternatives that would assist unlock the event of these discoveries. The cope with Siccar compliments our belongings.”

Siccar Point Energy's CEO Jonathan Roger commented: “As licence operator we’re excited to be shifting ahead together with Ineos to drill the Lyon prospect.

“This represents a chance to unlock the fabric fuel potential of probably the most northerly licenced space of the UKCS.

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“We look ahead to working with INEOS on this new exploration partnership and to working our first exploration nicely.”

Source: stv.television/

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