The deal positions INEOS as a Top 10 company and the biggest private enterprise operating in the North Sea. A total of 430 staff will transfer to INEOS’ oil and gas business including a full complement of highly experienced oil and gas personnel.
The business complements INEOS' existing oil and gas activities which were formed on the acquisition of both DEA’s and part of Fairfield's UK portfolio in 2015.
Geir Tuft, CEO of INEOS Oil & Gas says, “DONG Energy’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.”
The completion of the deal positions INEOS as a top ten company in the North Sea and the biggest privately owned exploration and production business operating in the energy basin.
The business brings with it a good mix of long life and development fields, producing an average of 100 000 boepd (in 2016) in the North Sea, with around 570 million boe of commercial and potential oil and gas reserves in Denmark, Norway and the UK (West of Shetland). It is a natural fit for INEOS, further strengthening its long-term activity in the North Sea, which was founded on the acquisition of both DEA’s and Fairfield’s UK portfolios in 2015 and more recently the announcement to buy the Forties Pipeline System from BP.
Geir Tuft, CEO of INEOS Oil & Gas said, “We are very pleased to have completed the deal to acquire this business from DONG Energy. We see lots of opportunity within this impressive portfolio and we are keen to integrate it into our growing portfolio of Oil & Gas businesses. This business is a natural fit for INEOS as we continue to expand our Oil & Gas activities. We are very pleased to bring this competitive, well run business into INEOS, 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.”
The strong portfolio of assets is built around three world class fields; Ormen Lange is the largest field in the DONG portfolio and the second largest gas field in Norwegian waters, Laggan-Tormore is a new gas field West of Shetland which came on-stream early 2016 and Syd Arne is a large oil field in Denmark. Along with the existing production the portfolio also features several large-scale oil & gas developments in Denmark, Norway and UK (West of Shetland).
430 people will now transfer to INEOS, working across a portfolio of production, development, exploration and appraisal assets in Denmark, Norway and UK (West of Shetland). The business to be known as INEOS DeNoS, will form part of INEOS Oil & Gas, a business division within the INEOS Industries.
The business has been acquired by the INEOS Industries business division.
Read the article online at: https://www.worldpipelines.com/business-news/02102017/ineos-completes-dong-acquisition/