INEOS Energy to sell its Norwegian oil and gas business to PGNiG for US$615m

26 Mar 2021

INEOS Energy has today announced an agreement to sell its Oil and Gas business in Norway to PGNiG Upstream Norway AS for a consideration of US$615m (£446.5m).

The deal includes all INEOS Oil & Gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian continental shelf and continues to rebalance INEOS’ oil and gas portfolio. The business also holds 22 offshore licenses, of which 6 are operated, and has equity in the Nyhamna Terminal.

The sale is subject to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.

The PGNiG Group is the largest Polish oil and gas company employing 25,000 people worldwide. PGNiG Upstream Norway AS is an integrated exploration and production company established in Norway in 2007 and plays an important role in the supply of gas to Poland.

This deal quickly follows the announcement of the acquisition of the HESS business in Denmark, which consists of operated assets. These deals begin reshaping INEOS Energy as it progresses a strategy to position the businesses strongly in the coming energy transition.

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