INEOSNorth Sea Asset Acquisitions Close
SLR supported INEOS, one of the UK’s largest energy users, in the evaluation and acquisition of a producing North Sea asset package. The two major deals means INEOS now owns a portfolio of assets accounting for approximately 8% of all UK gas production. The acquisition secures INEOS’ position as a North Sea operator and reflects its wider strategy to build an upstream oil and gas production business to complement its refining and chemical divisions.
SLR’s team provided technical due diligence and commercial advice to INEOS. SLR’s involvement included subsurface, drilling and economic support, working with senior management and advisors on facilities and operations, strategy and case development, reviewing upstream commercial agreements, as well as providing data for economic analysis, advising on disclosure issues and assisting with final deal completions.
INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. Its network spans 65 sites in 16 countries throughout the world. Rob Nevin, Chairman, INEOS Upstream, said: “SLR has been very responsive to developing our project objectives. It has demonstrated a solid technical capability across the subsurface disciplines, along with an ability to clearly communicate the key findings and we have been very pleased with the support it has provided.”