Ineos has completed its purchase of the Forties oil pipeline system and associated facilities in the UK North Sea from BP PLC (OGJ Online, Apr. 17, 2017).
The acquiring entity, INEOS FPS Ltd., acquires a 235-mile pipeline system linking 85 oil and gas fields with the mainland, the Kinneil gas processing plant and oil terminal, the Dalmeny storage and export facility, sites at Aberdeen, the Forties Unity platform, and associated infrastructure.
The system has capacity of 610,000 b/d and currently carries about 500,000 b/d.
The companies in April agreed on a price of $125 million with a potential earn-out of $125 million.