{"id":4504,"date":"2018-11-18T20:10:49","date_gmt":"2018-11-18T20:10:49","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/uks-richest-man-eyes-north-sea-oil-and-gas-fields\/"},"modified":"2018-11-18T20:10:49","modified_gmt":"2018-11-18T20:10:49","slug":"uks-richest-man-eyes-north-sea-oil-and-gas-fields","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/uks-richest-man-eyes-north-sea-oil-and-gas-fields\/","title":{"rendered":"UK&#8217;s richest man eyes North Sea oil and gas fields"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape has-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Jim Ratcliffe, founder and chairman of Ineos\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/10DA5\/production\/_104392096_jimratcliffe.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><figcaption class=\"media-caption\"><span class=\"off-screen\">Image caption<\/span><br \/>\n                <span class=\"media-caption__text\"><br \/>\n                    Jim Ratcliffe is the founder and chairman of Ineos<br \/>\n                <\/span><br \/>\n            <\/figcaption><\/figure>\n<p class=\"story-body__introduction\">Britain&#8217;s richest man Jim Ratcliffe is hoping to extend his grip on the North Sea by buying oil and gas fields from US giant ConocoPhillips.<\/p>\n<p>Mr Ratcliffe&#8217;s company Ineos and ConocoPhillips have both confirmed that they are in exclusive talks.<\/p>\n<p>Among the assets up for grabs is Conoco&#8217;s 6.5% stake in the Clair field, west of Shetland.<\/p>\n<p>The field potentially has 7 billion barrels of oil in place, according to BP&#8217;s chief executive Bob Dudley.<\/p>\n<p>BP recently bought a 16.5% stake in the Clair field from ConocoPhillips, giving the UK oil giant a total holding of 45.1%.<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/uk-44096507\" class=\"story-body__link\">Rich List 2018: Jim Ratcliffe is UK&#8217;s richest man<\/a><\/li>\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/business-44101223\" class=\"story-body__link\">Jim Ratcliffe: Turning cast-offs into gold<\/a><\/li>\n<\/ul>\n<p>Reports suggest that the assets ConocoPhillips is selling could be worth as much as $3bn (\u00a32.3bn).<\/p>\n<p>They do not include the company&#8217;s oil terminal in Teesside or its commercial trading group based in London.<\/p>\n<figure class=\"media-landscape has-caption full-width\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                 <span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">BP<\/span><\/p>\n<p>            <\/span><figcaption class=\"media-caption\"><span class=\"off-screen\">Image caption<\/span><br \/>\n                <span class=\"media-caption__text\"><br \/>\n                    The Clair oil field lies 46 miles to the west of the Shetland Islands<br \/>\n                <\/span><br \/>\n            <\/figcaption><\/figure>\n<p>The North Sea is still a relatively new area for Mr Ratcliffe and Ineos.<\/p>\n<p>The billionaire, whose \u00a321bn fortune makes him the UK&#8217;s richest man <a href=\"https:\/\/www.thetimes.co.uk\/article\/sunday-times-rich-list-30-years-how-britain-has-changed-d8krmwps2\" class=\"story-body__link-external\">according to the Sunday Times rich list<\/a>, has traditionally invested in speciality chemicals businesses.<\/p>\n<p>Ineos owns the Grangemouth oil refinery site in Scotland which manufactures a range of petrochemicals that are used in a wide range of products including bottles, food packaging and in the pharmaceuticals industry. <\/p>\n<p>Ineos first acquired a number of North Sea gas fields in 2015 before it buying up the oil and gas business owned by Denmark&#8217;s Dong Energy for \u00a31bn two years later.  <\/p>\n<p>The Sunday Times reported that Ineos had put down a deposit in exchange for three months of exclusive talks with ConocoPhillips.<\/p>\n<p>Ineos declined to comment.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-46256117\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images Image caption Jim Ratcliffe is the founder and chairman of Ineos Britain&#8217;s richest man Jim Ratcliffe is hoping to extend his grip on the North Sea by buying oil and gas fields from US giant ConocoPhillips. Mr Ratcliffe&#8217;s company Ineos and ConocoPhillips have both confirmed that they are in exclusive talks. &hellip; <\/p>\n","protected":false},"author":0,"featured_media":4505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4504"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4504\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/4505"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}