INEOS Energy has sealed an agreement with Poland’s PGNiG Group to sell its entire oil and gas business in Norway for $615m.
The deal includes all INEOS Oil & Gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian continental shelf.
INEOS says the deal is part of the rebalancing of its portfolio, moving it towards a more operated position. All 52 employees of INEOS E&P Norge will transfer to PGNiG Upstream Norway upon completion of the deal, which is subject to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance. Completion is expected later this year.
Brian Gilvary, executive chairman of INEOS Energy, said, “This 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.”
Earlier this month, INEOS Energy agreed to acquire all the oil and gas interests owned by HESS Corporation in Denmark.