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DONG offloads Norweigian oil and gas assets to Faroe Petroleum

DONG Energy has divested its ownership share in five producing Norwegian oil and gas fields to Faroe Petroleum.

DONG has divested a 50% share in Trym, 55% share in Oselvar, 45% share in Tambar, 43.24% share in Tambar East and a 20% share in Ula. DONG Energy is the operator of subsea installations Oselvar and Trym and is a partner in Ula and Tambar, which are both operated by BP.

“It is very satisfying that we have reached an agreement with Faroe in respect of these five assets. This transaction is an important step towards optimising our oil and gas asset portfolio with a focus on high quality, low-cost assets,” said David Cook, executive vice president of DONG Energy.

DONG Energy will continue as a partner in the Norwegian fields Ormen Lange, Alve, Marulk and Gyda, and as operator of the Mjølner discovery.

The deal is subject to approval by Norwegian authorities and is expected to complete during the latter part of 2016.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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