INEOS swoops in for Conoco North Sea

As widely reported over the weekend, INEOS is the front-runner for the ConocoPhillips’ UK North Sea portfolio. ConocoPhillips had a buyer for the portfolio back in 2015, but pulled the deal citing that it had no desire to sell-out at the bottom of oil price cycle, INEOS has beaten other likely UK North Sea focussed contenders which could include Ithaca Energy, Premier Oil, Neptune Energy, Chrysaor and SiccarPoint. The sale, estimated to be around...

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Forties Pipeline System reopens in time for the New Year

On 11th December, INEOS the owner of the Forties Pipeline System, had discovered a hairline crack in the pipeline at Red Moss near Netherley. The crack continued to grow upon monitoring and the entire system was subsequently shutdown. INEOS announced this morning that the repairs are "mechanically" complete with the system being restarted - export rates should resume to previous levels around the new year. The system carries c.450mbbl/d of production from the North Sea to the Kinneil processing facility in Scotland. The 235 mile pipeline links...

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Siccar Point portfolio tidy-up

Siccar Point has an attractive long-term portfolio currently weighted developments. The portfolio includes a number of earlier stage opportunities. In November, the company took the opportunity to prune the portfolio - bringing in a partner on Lyon and selling Jackdaw to a more natural pair of hands. On 21st November, Siccar Point announced that it had farmed out UK licences P1854 and P1935 to Ineos. The blocks are located in the West of Shetlands...

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INEOS acquires DONG E&P portfolio

On 24th May, INEOS announced the acquisition of DONG's E&P business for USD1.05bn with two further contingent payments: USD150 million relating to the Frederica stabilisation plant; and USD100 million subject to the development of Rosebank As part of the transaction, DONG will retain all hedges that are currently in place (worth USD285 million) and cashflows from the oil & gas business (worth c.USD310 million). Ineos will adopt all decommissioning liabilities (c.USD1.1 billion). The deal includes a portfolio of long life assets with...

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