LetterOne is finalising the sale of 12 North Sea assets to the leading chemical and oil company INEOS. This new deal is a direct result of the Government’s intervention in April to ensure the continued and safe production of the UK’s petroleum resources in the North Sea.

DECC spokesperson said:

“The oil and gas industry is an essential part of our plan to provide secure, affordable and reliable energy for hardworking families and businesses.

“We have a responsibility to ensure its continued and safe production. INEOS is a well-funded, cost-conscious player who will work with us to maximise the potential of the North Sea.”