Department of Energy and Climate Change
October 21
20:14
2015
LetterOne is finalising the sale of 12 North Sea assets to the leading chemical and oil company INEOS. This new deal is a direct result of the Governments intervention in April to ensure the continued and safe production of the UKs petroleum resources in the North Sea.
DECC spokesperson said:
The oil and gas industry is an essential part of our plan to provide secure, affordable and reliable energy for hardworking families and businesses.
We have a responsibility to ensure its continued and safe production. INEOS is a well-funded, cost-conscious player who will work with us to maximise the potential of the North Sea.