INEOS Energy introduced an settlement to promote its Oil and Gas enterprise in Norway to PGNiG Upstream Norway AS for a consideration of $615 million. The deal consists of all INEOS Oil & Gas pursuits in manufacturing, licenses, fields, amenities and pipelines, on the Norwegian continental shelf.
INEOS E&P Norge AS produces round 33,000 BOE per day from the Norwegian Sea. A 93% fuel ratio, from three non-operated fields, Ormen Lange (14%), Alve (15%) and Marulk (30%). The enterprise additionally holds 22 offshore licenses, of which 6 are operated, and has fairness within the Nyhamna Terminal (eight%).
The sale, which has an efficient date of 1 January 2021, is topic to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance. It is anticipated to finish later this yr.
All 52 staff of INEOS E&P Norge AS will switch to PGNiG Upstream Norway AS following completion of the deal.
The PGNiG Group is the biggest Polish oil and fuel firm using 25,000 individuals worldwide. PGNiG Upstream Norway AS is an built-in exploration and manufacturing firm established in Norway in 2007 and performs an essential position within the provide of fuel to Poland.
Brian Gilvary, Executive Chairman of INEOS Energy stated, “This represents one other constructive step within the INEOS Energy journey. The deal permits us to monetise a non-operated, predominantly fuel portfolio at a sexy value in comparison with our maintain worth. This will additional stability our portfolio of oil and fuel and open up new alternatives to reinvest additional into the power transition. These belongings are a really robust strategic match for PGNiG and considerably extends their place in Norway.”
The deal rapidly follows the announcement of the acquisition of the HESS enterprise in Denmark, which consists of operated belongings. These offers start reshaping INEOS Energy because it progresses a technique to place the companies strongly within the coming power transition.
(Source: Ineos – Image: Nyhamna terminal on Gossa Island, Norway)
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