Switzerland-based petrochemical company Ineos' investment in North Sea gas continues, with its announcement Wednesday that it has purchased a 25% interest in the Clipper South gas field from by Fairfield Energy Holdings Ltd.
This will bring Ineos' ownership of the Clipper South to a total interest of 75%. Bayerngas Europe Ltd holds the remaining 25% in Clipper South.
Ineos has in recent years formalized plans to acquire cheap LPG and gas feedstocks, including natural gas, ethane, propane and condensates -- for its petrochemical plants, following the prominence of shale gas as a competitive alternative to oil-based naphtha.
The latest purchase comes hot on the heels of its deal to purchase UK North Sea gas fields from Russian-owned LetterOne group.
These included the Breagh and a 50% stake in the Clipper South fields in the Southern North Sea, which represents 8% of UK gas production.
The company said in the statement, the Clipper North fields were "high quality, low risk assets" and that the deal with LetterOne, reached earlier this month would bring with it a highly experienced offshore management team.
Ineos recently acquired shale gas licenses in England and Scotland and invested a further $1 billion in a project to bring US shale gas to the UK and to its Rafnes facility in Norway.
