INEOS buying offshore UK interests of DEA

INEOS, Rolle, Switzerland, has agreed to acquire the oil and gas properties of DEA Deutsche Erdole AG on the UK Continental Shelf.

The chemical company will acquire interests in 30 licenses, including operating interests in Breagh, Clipper South, Cavendish, Windermere, and Topaz natural gas fields. Terms weren’t disclosed.

The move represents the first step in what INEOS describes as its “intention to make strategic investments in the North Sea.” Also interested in onshore UK gas development, including of shale resources, the company has established INEOS Upstream to manage the work.

Of the offshore acquisition, it said, “These assets should make a significant contribution to INEOS’s European energy and feedstock strategy.”