INEOS, the controversial company behind the sprawling Grangemouth petrochemicals plant, has acquired a majority stake in two oil and gas exploration licences west of Shetland.
The company, which recently completed its acquisition of the giant Forties North Sea pipeline, said the licences in the Northern Gas Fields are among the most exciting prospects in British offshore waters.
It builds on the company’s growing portfolio of oil-producing assets West of Shetland, including interests recently acquired from DONG E&P.
The latest acquisitions means Ineos now has positions in the four fields which make up the Northern Gas Fields' Lyon cluster - Lyon, Tobermory, Bunnehaven and Cragganmore.
Geir Tuft, chief executive of Ineos Oil & Gas, said: “INEOS intends to become a significant player in this area. This deal confirms our aim to take a leading role to develop the Northern Gas Fields using the significant infrastructure investments already made West of Shetland.”
Ineos has attracted controversy in recent years over its support for fracking.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article