Global petro-chemicals giant INEOS has completed the purchase of the DONG Oil & Gas Business to become 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). INEOS also owns the Grangemouth refinery.
Geir Tuft, Chief Executive, INEOS Oil & Gas, said: “This is a natural fit for INEOS, further strengthening our 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.
The 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 West of Shetland.
More than 400 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 will be known as INEOS DeNoS.
2 Oct 2017