by Rigzone Staff
Wednesday, November 01, 2017
INEOS completes its acquisition of the Forties Pipeline System (FPS) and associated pipelines and facilities from BP plc.
INEOS has completed its acquisition of the Forties Pipeline System (FPS) and associated pipelines and facilities from BP plc.
Ownership and operation of the FPS, Kinneil gas processing plant and oil terminal, Dalmeny storage and export facility, sites at Aberdeen, the Forties Unity Platform and associated infrastructure has now transferred to INEOS FPS, together with approximately 300 personnel.
The Forties pipeline was opened in 1975 to transport oil from BP’s Forties field, the UK’s first major offshore oil field. Today the FPS carries liquids production from 85 fields in the Central and Northern North Sea and several Norwegian fields on behalf of 21 companies.
In 2016, the pipeline’s average daily throughput was 445,000 barrels of oil and 3,500 tons of raw gas per day. The system has a capacity of 610,000 barrels of oil per day.
INEOS said in a company statement that the deal consolidates its position as a top ten company in the North Sea.
Andrew Gardner, CEO INEOS FPS, said the company’s acquisition of the Forties Pipeline System and associated assets, together with its highly skilled workforce, is ‘significant and strategic’.
“It demonstrates INEOS’ commitment to securing a competitive long-term future for this critical piece of oil and gas infrastructure and provides the platform to potential future offshore INEOS investments,” he said.
“We will bring our focus and proven track record on safety, reliability and excellence in operations and apply them throughout the FPS business,” he added.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.