INEOS Energy has completed the $615m sale of its oil and gas business in Norway to PGNiG Upstream Norway AS. The deal includes all INEOS Oil & Gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian continental shelf and has an effective date of 1 January 2021.

 

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 21 offshore licenses, of which 6 are operated, and has equity in the Nyhamna Terminal (8%).

 

The deal rebalances the INEOS portfolio in terms of oil and gas and moves INEOS Energy towards a more operated position.

 

Brian Gilvary, Executive Chairman of INEOS Energy said, “This represents another positive step in the INEOS Energy journey. The deal allows us to monetise a non-operated, predominantly gas portfolio at an attractive price compared to our hold value. We also balance our portfolio of oil and gas and open up new opportunities to reinvest further into the energy transition."

 

The completion of the deal helps reshape INEOS Energy as it progresses a strategy to position the businesses strongly in the coming energy transition.