Ineos Seeks Leaders for Move Into Offshore Exploration

As a further step toward expanding its upstream business, Ineos is advertising for qualified personnel to lead a planned move into the offshore oil and gas exploration sector.

Positions advertised on the Swiss-based petrochemical group's website include a CEO for the new offshore arm, along with an operations director, engineering manager and commercial manager.

Ineos said the chief executive would be responsible for leading a strategic review to support its entry into North Sea production, "culminating in investment recommendations to the main Ineos board."

The group, which also recently announced plans to spend $1 billion on shale gas exploration in the UK, has declined to comment further on its offshore plans.

While up to now few downstream players have shown interest in moving into capital-intensive offshore oil and gas production, refiners and petrochemical companies are increasingly being touted as potential new entrants, as upstream offers an opportunity to secure crude supplies and offset some of the peaks and troughs of the oil product price cycle.

There are plenty of assets for sale in the UK North Sea but deal flow has been sluggish this year due to a mismatch between buyers and sellers, industry analysts told the news agency Reuters.

Hungarian refiner MOL has already entered the UK North Sea, acquiring Wintershall Norge's non-operated assets late last year and Premier Oil's interests in the Scott, Telford and Rochelle fields in summer of this year.