EDINBURGH, Scotland—British petrochemicals firm Ineos has agreed to buy a majority stake in two exploration licenses for gas in Scotland’s West of Shetland field which contain the Lyon prospect, furthering its plans to move into oil and gas exploration.
Ineos said initial survey work showed extensive gas reserves in the cluster of between 3 to 5 trillion cubic feet of gas—matching major gas fields such as Elgin Franklin, Britannia and Laggan Tormore.
Ineos now has positions in the four fields in the Lyon cluster—Lyon, Tobermory, Bunnehaven and Cragganmore.
“If successful it could be large enough to form a new gas-hub development similar to the Laggan-Tormore fields, which have been developed with sub-sea infrastructure and pipelines to the Shetland Gas Plant,” Ineos said in a statement.
Recommended Reading
SilverBow Makes Horseshoe Lateral in Austin Chalk
2024-05-01 - SilverBow Resources’ 8,900-foot lateral was drilled in Live Oak County at the intersection of South Texas’ oil and condensate phases. It's a first in the Chalk.
Petrobras Sending Nearly Half of Oil Exports to China
2024-04-30 - Conflict in the Middle East has enabled Brazil’s state-owned Petrobras to change the flow of its oil exports, with China being the primary beneficiary, followed by Europe.
Equinor Says EQT Asset Swap Upgrades International Portfolio
2024-04-30 - Equinor CFO Torgrim Reitan says the company’s recent U.S. asset swap with EQT Corp. was an example of the European company “high-grading” its international E&P portfolio.
E&P Highlights: April 29, 2024
2024-04-29 - Here’s a roundup of the latest E&P headlines, including a new contract award and drilling technology.
Kosmos Energy’s RBL Increased, Maturity Date Extended
2024-04-29 - Kosmos Energy’s reserve-based lending facility’s size has been increased by about 8% to $1.35 billion from $1.25 billion, with current commitments of approximately $1.2 billion.