SLR assists INEOS in acquisition of major North Sea assets
SLR Consulting has supported INEOS, one of the UK’s largest energy users, in the evaluation and acquisition of a material producing North Sea asset package.
The acquisition secures INEOS’s 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.
Multi-disciplinary experts from SLR’s Oil & Gas team provided technical, due diligence and commercial advice to INEOS resulting in the completion of two major deals; natural gas assets in the North Sea from a UK subsidiary of DEA Deutsche Erdoel AG and interests from Fairfield Energy Holdings Limited. Combined, this portfolio accounts for approximately eight per cent of all UK gas production.
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.
Chief Geoscientist David Lawton, part of SLR’s Oil & Gas advisory team, said: “Our multidisciplinary advice and expertise has helped INEOS in honing and developing its strategy, targeting assets as well as undertaking detailed due diligence to achieve its primary objective of acquiring a significant operating and producing position in the North Sea.”
Rob Nevin, Chairman, INEOS Upstream, added: “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.”
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.
SLR provides a full range of operational services for all stages of the oil and gas value chain; from exploration and seismic acquisition through to infrastructure and environmental planning and permitting. The company’s strong technical background enables it to develop risk management solutions for clients across the globe, including Alyeska Pipeline Service Company, BP Exploration, Nova Scotia Department of Energy, Santos, Shell and Total.
For further information please contact: David Lawton