Just days after Ineos expanded its presence in Denmark by buying Hess Denmark's assets in the North Sea, the British giant is scaling down completely in Norway.
The company has thus sold all of its assets on the Norwegian shelf to Poland's largest oil and gas company PGNiG. The price is 615 million USD, equivalent to approximately 3.9 billion DKK.
- This agreement represents another positive step in the INEOS Energy journey. The agreement allows us to monetize a predominantly gas-dominated portfolio, which we are not an operator of, at an attractive price. It will further balance our portfolio of oil and gas and open up new opportunities to reinvest further in the energy transition, says Brian Gilvary, Chairman of the Board of Directors of Ineos Energy.
Ineos' portfolio on the Norwegian shelf produced approximately 33,000 barrels of oil equivalent per day, with approximately 93 percent of the production being gas production from the Ormen Lange, Alve and Marulk fields, where Ineos held between 15 and 30 percent of the assets.
In addition, with the sale, Ineos is also transferring 22 offshore licenses, of which six are operatorships, as well as an 8 percent ownership interest in the Nyhamna gas terminal.
Ineos employs 52 employees in Norway, all of whom will transfer to PGNiG as part of the transaction after the transaction is completed.
If approved by the authorities, the transaction will be implemented retroactively from 1 January 2021, Ineos said.
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