Ineos

Ineos, the day-to-day operator of Greensand Future, with its partners Harbour Energy and Nordsøfonden, has made a final investment decision into the first commercial phase, with storage operations set to begin by early 2026.

Permits for the East Side Cluster carbon storage project have been awarded, and participants have begun announcing final investment decisions.

The agreement will put SLB’s Delfi software to work in Ineos’ oil and gas operations.

The UK company will purchase oil producing acreage across the northern part of the south Texas Eagle Ford shale play.

The company also recently secured a long-term deal with ConocoPhillips for 5 mtpa of LNG.

Four licenses are awarded to seven oil companies as this round sees less interest than previous ones.

The deal includes 15 global sites and over 1,700 staff expected to transfer to INEOS upon completion of the sale. The deal also follows BP’s announcement earlier in the month that it would cut 14% of its workforce.

A deal with the UK-based energy and chemicals company could fetch up to $3 billion for ConocoPhillips, which is transitioning out of the North Sea to focus on US shale operations.