Petrochemicals giant Ineos said today it was launching a new division chaired by former BP chief financial officer Brian Gilvary.
The new venture will be called Ineos Energy and will combine the group’s oil assets with its low carbon technology development activities.
Ineos said the move would help it become a “powerful force in the coming energy transition”.
Mr Gilvary joins Ineos after 34 years at BP, where he was CFO from 2012 until his retirement in June 2020.
During his time with BP, he held several senior financial and commercial roles, including member of the Board of TNK-BP, chief executive of BP’s commodity trading division and commercial director of the downstream division.
In addition to his new role at Ineos, he is currently a non-executive director of Barclays, Air Liquide and a trustee of the Royal Navy Royal Marines Charity.
He said: “I am delighted to be asked to join Ineos and chair the new Ineos Energy venture at a time of tremendous change within our industry.
“I believe very strongly that the combination of the assets and technologies that Ineos owns, along with their drive and determination to get things done means the company can play a leading role in the coming energy transition.
“I look forward to working with the CEO and his team.”
Billionaire Jim Ratcliffe, Ineos chairman, said: “We are delighted that someone of Brian’s calibre has agreed to join us to head up this exciting new venture at a time of significant transformation in the energy industry.
“We are determined that Ineos will be at the forefront of the industry and that Brian will provide the experience and leadership to achieve that aim”
Ineos announced its arrival in the North Sea in 2015 when it bought 12 fields from Dea, the German-based oil and gas firm owned by the Russian oligarch-backed LetterOne Group.
The deal involved stakes in the Breagh and Clipper South gas fields in the southern North Sea.
The company flexed its M&A muscles again in May 2017 when it agreed to buy Dong Energy’s oil and gas business for £1 billion.
The deal includes 50 licences in Denmark, Norway and the UK – equating to 100,000 barrels of oil equivalents per day.
It handed Ineos a 20% non-operated stake in Total’s Greater Laggan Area, west of Shetland, and a stake in Equinor’s Rosebank discovery.
In November 2017, Ineos farmed into two licences operated by Siccar Point Energy to the west of Shetland.
One of the licences contained the Lyon prospect, which was thought to contain around 3trillion cubic feet of recoverable gas, but turned out to be a dud.
The company tried to buy ConocoPhillips’ UK North Sea assets, but talks broke down and Chrysaor swooped for the portfolio.
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