By: ICN Bureau
Last updated : March 17, 2023 6:07 pm
INEOS has completed acquisition of the Oil & Gas Business from DONG Energy. This acquisition places INEOS among the top 10 such companies in the North Sea.
Global manufacturer of petrochemicals and specialty chemicals INEOS has completed acquisition of the Oil & Gas Business from DONG Energy. This acquisition places INEOS among the top 10 such companies in the North Sea.
“DONG’s Oil & Gas business is a natural fit for INEOS as we continue to grow our Oil & Gas activities. We are pleased to have completed the acquisition of this competitive, well run business, with its experienced team, a strong portfolio of long life assets and a very good mix of existing production and developments across the North Sea,’ says Geir Tuft, CEO of INEOS Oil & Gas says, commenting on the acquisition.
The acquisition of the business has brought with it a good mix of long life and development fields that produce an average of 100,000 boepd (in 2016) in the North Sea, with around 570 million boepd of commercial and potential oil and gas reserves in Denmark, Norway and the UK (West of Shetland). The acquired business brings 430 staff to INEOS.