Ineos has revealed plans to expand its North Sea oil and gas operations.

The company has agreed to purchase a majority share in two exploration licenses from Siccar Point Energy for areas far to the north of the Shetland Islands.

Initial survey work by Ineos indicates extensive gas reserves in the cluster of between three to five trillion cubic feet of gas.

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Geir Tuft, Chief Executive Officer of Ineos Oil & Gas, said: "Ineos intends to become a significant player in this area. This deal confirms our aim to take a leading role to develop the Northern Gas Fields using the significant infrastructure investments already made West of Shetland.

"With the purchase of the Dong E&P business earlier in the year, Ineos took over a significant portfolio of producing assets and discoveries West of Shetland. It is clear that the Northern Gas Area holds further opportunities that could help unlock the development of those discoveries. The deal with Siccar compliments our assets."

(LM/MH)