Ineos to acquire further North Sea assets

British chemical group Ineos is planning to purchase assets for billions of US dollars in the North Sea region.

Photo: Jeff Gilbert/Alamy Stock Photo

The North Sea is increasingly looking like a region for smaller oil players. Ineos, which took over North Sea oil and gas activities from Danish Dong Energy, since renamed Ørsted, is currently in talks with ConocoPhillips regarding additional acquisitions in that mature market.

British daily The Times reported on Sunday that Ineos is negotiating a takeover of the US oil company's holdings for a price of around USD 3 billion. These talks have since been confirmed by media City A.M.:

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