UK’s wealthiest person plans to acquire gas field from ConocoPhillips

- Leadership - Nov 19, 2018

Jim Ratcliffe, the wealthiest person in the UK, has revealed plans to purchase oil and gas fields in the North Sea.

The businessman’s company, INEOS, is in exclusive talks with the Houston-based energy company, ConocoPhillips, to acquire the fields.

The American firm could be selling up to £2.3bn (US$3bn) worth of shares in the fields, according to the BBC.

The discussions are covering ConocoPhillips’ 6.5% stake in the Clair field, which is located 46 miles west of Shetland.


The field reportedly could have as much as seven billion barrels of oil, the Chief Executive Officer of BP claims.

ConocoPhillips recently sold a 16.5% stake in the field to the British petroleum company, leaving BP with 45.1% of the shares.

INEOS paid a deposit in order to access exclusive talks with the firm, the Sunday Times reported.

Ratcliffe is the richest person in the UK, with his estimated worth of £21bn ($16.3bn) placing him at the top of the Sunday Times’ rich list released 6 May this year.

The billionaire’s company acquired the Danish energy firm, Dong Energy, for £1bn ($1.29bn) last year.

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