Shetland exploration

INEOS plans to explore the North Sea for gas.

The petrochemicals group has snapped up majority stakes in two exploration licences for gas fields north of Shetland from Siccar Point energy. Ineos has been building up its presence in the North Sea, but only in production and transportation so far.

Group director Tom Crotty said: ‘It is a big shift. We thought it would now be time to step into exploration.’

Geir Tuft, boss of Ineos’s oil and gas division, said it ‘intends to become a significant player in this area’.

The deal came as BP sold its Bruce, Keith and rhum fields to Serica energy for £12.8m upfront and potentially another £300m over the next four years.