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Ineos to acquire Dong Energy’s oil, gas business

by ChemOrbis Editorial Team -
  • 25/05/2017 (11:22)
According to Reuters, Danish utility and offshore wind farm developer DONG Energy agreed to sell its oil and gas business to the petrochemical company Ineos.

The deal is said to be worth $10 billion and is a part of Ineos’s aim to expand into exploration and production. Under the deal, Ineos will take over decommissioning liabilities of around DKK 7 billion ($1.05 billion) while DONG will hold hedge contracts related to the oil and gas business until end-March, which had a market value of DKK 1.9 billion ($287 million).

DONG produced 100 million barrels/day of oil and gas in 2016, down 115 million barrels/day in 2015.
The reports revealed that Ineos is also planning to acquire 171 million barrels/day Hejre field in the North Sea, development of which was halted more than a year ago.
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