Petrochemical giant Ineos has completed its £1billion deal to buy the oil and gas interests of Denmark’s Dong Energy.
Ineos said it was now the “biggest private enterprise operating in the North Sea”.
A total of 430 staff are transferring into the group’s oil and gas business as a result of as deal giving Ineos 50 licences North Sea licences in Denmark, Norway and the UK – equating to an average of 100,000 barrels of oil equivalent per day.
Ineos oil and gas chief executive Geir Tuft said: “Dong Energy’s oil and gas business is a natural fit … as we continue to grow our oil and gas activities.
Ineos began building a North Sea portfolio in 2015, buying 12 UK North Sea fields from Dea.