INEOS Energy sells Norwegian oil and gas business for $615m to PGNiG
INEOS Energy has today announced an agreement to sell its Oil and Gas business in Norway to PGNiG Upstream Norway AS for a consideration of $615 million. The deal includes all INEOS Oil & Gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian continental shelf.
INEOS E&P Norge AS produces around 33,000 BOE per day from the Norwegian Sea. A 93% gas ratio, from 3 non-operated fields, Ormen Lange (14%), Alve (15%) and Marulk (30%). The business also holds 22 offshore licenses, of which 6 are operated, and has equity in the Nyhamna Terminal (8%).
The deal announced today continues to rebalance our portfolio in terms of oil and gas and moves INEOS Energy towards a more operated position.
The sale, which has an effective date of 1 January 2021, is subject to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance. It is expected to complete later this year.
All 52 employees of INEOS E&P Norge AS will transfer to PGNiG Upstream Norway AS following completion of the deal.
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