News story

LetterOne transaction with INEOS

LetterOne transaction with INEOS

• From: Department of Energy & Climate Change
• Published: 21 October 2015

This was published under the 2015 to 2016 Cameron Conservative government

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 Government’s intervention in April to ensure the continued and safe production of the UK’s 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.”

Published 21 October 2015