Chemicals and energy group INEOS said on Monday it has completed its acquisition of Hess Corp’s stake in two Danish oilfields for $150 million.
Under the deal announced in March, INEOS Energy will acquire 61.5% of the Hess-operated Syd Arne oilfield, in which INEOS already holds the remaining stake, and a 4.8% stake in the INEOS-operated Solsort field.
UK-based INEOS is one of the largest oil and gas producers in the British and Danish regions of the North Sea.
The deal should unlock operational and cost synergies between the Siri field area in Denmark, which INEOS operates already and Syd Arne, INEOS said in a statement on Monday.
It also complimented INEOS’ leadership in the Greensands CO2 capture, transport and storage pilot project, it added.
“The deal represents a major step in reshaping our energy business. It also opens up prospects that can be developed in Denmark’s offshore oil and gas sector, supported by a very promising carbon storage project,” said Brian Gilvary, Executive Chairman of INEOS Energy.
While Denmark’s government last year decided to put an end to all oil and gas exploration and extraction in the North Sea by 2050, production from the fields would be finished by then, Gilvary previously told Reuters.
Source: Reuters
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