UK’s richest man appears to be like to extend stake in North Sea oil
Jim Ratcliffe visits the Ineos oil refinery in Grangemouth, Scotland.
The U.Ok.’s wealthiest man, Jim Ratcliffe, might quickly maintain a bigger affect over North Sea oil, along with his firm in unique negotiations with ConocoPhillips for its British belongings.
Business Buying and selling group. The corporate declined to remark additional on the negotiations.
In accordance with studies from the BBC, the belongings that might be taken over by Ineos embrace a 6.5 % stake within the Clair discipline, which lies 46 miles west of the Shetland Islands and has a reported 7 billion barrels of oil in place.
The belongings ConocoPhillips is placing up on the market are reported to be value as much as $three billion.
Ineos CEO Ratcliffe topped 2018’s Sunday Occasions Wealthy Record, an annual rating of the U.Ok.’s wealthiest individuals. The newspaper reported the tycoon to be value greater than £21 billion ($27 billion) when it printed the record in Might.
Ratcliffe owns Grangemouth oil refinery in Scotland, and his agency has already acquired quite a lot of North Sea fuel fields.
BP purchased a 16.5 % stake within the Clair oil discipline in July, giving the oil big a 45 % maintain over the sphere. That stake was additionally bought from ConocoPhillips.
A spokesperson for Ineos was not obtainable for remark when contacted by CNBC.