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INEOS Energy sells Norwegian oil and gas business to PGNiG

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Oilfield Technology,


INEOS Energy has announced an agreement to sell its oil and gas business in Norway to PGNiG Upstream Norway AS for a consideration of US$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/d from the Norwegian Sea. A 93% gas ratio, from three non-operated fields, Ormen Lange (14%), Alve (15%) and Marulk (30%). The business also holds 22 offshore licenses, of which six are operated, and has equity in the Nyhamna Terminal (8%).

Brian Gilvary, Executive Chairman of INEOS Energy said: “This deal 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. This will further balance our portfolio of oil and gas and open up new opportunities to reinvest further into the energy transition. These assets are a very strong strategic fit for PGNiG and significantly extends their position in Norway."


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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/25032021/ineos-energy-sells-norwegian-oil-and-gas-business-to-pgnig/

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