Grangemouth refinery operator Ineos said it has set up a new oil and gas subsidiary to hunt for opportunities as it completed the purchase of the North Sea natural gas assets of DEA Deutsche Erdoel AG, owned by L1 Energy.

The transaction includes interests in the Breagh and Clipper South gas fields in the southern North Sea.

The annual production from the fields acquired account for 8% of the UK’s annual gas production, enough gas for 1 in 10 British homes.

“Ineos has recently announced its intention to become the leading UK player in onshore gas development and, as part of the company’s growing interest in energy production, is now evaluating additional opportunities offshore,” said Ineos in a statement.

“As part of the company’s ongoing strategic business planning, Ineos AG has set up a new oil and gas subsidiary and is working with a number of top class North Sea oil and gas professionals.

“This group will continue to review potential opportunities in the North Sea to assess their suitability in the development of the business.”