Ineos Energy to sell Norwegian oil and gas business to PGNiG

Ineos Energy is to sell its oil and gas business in Norway to Poland’s PGNiG for $615mn. The deal includes all Ineos’ oil and gas interests in production, licences, fields, facilities and pipelines on the Norwegian Continental Shelf (NCS).

Ineos E&P Norge currently produces around 33,000 boe/d from three non-operated fields, Ormen Lange (14%), Alve (15%) and Marulk (30%), in the Norwegian Sea. The business also holds 22 offshore licences, of which six are operated, and has an 8% equity interest 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 deal follows the recent announcement of Ineos’ acquisition of the HESS business in Denmark.