Ineos is expanding in North Sea with a new acquisition

Image courtesy of Topnews.in

Image courtesy of Topnews.in

Ineos has today completed the purchase of the DONG Oil & Gas Business from DONG Energy A/S, according to a press statement released by the same company.
The business brings with it a good mix of long life and development fields, producing an average of 100,000 boepd (in 2016) in the North Sea, with around 570 million boe of commercial and potential oil and gas reserves in Denmark, Norway and the UK (West of Shetland). This acquisition follows the deal regarding both DEA’s and Fairfield’s UK portfolios in 2015 and more recently the announcement to buy the Forties Pipeline System from BP.
The acquired portfolio of assets comprises the Ormen Lange, the largest field in the DONG portfolio, and Laggan-Tormore, a new gas field West of Shetland which came on-stream early 2016 and Syd Arne is a large oil field in Denmark. Along with the existing production the portfolio also features several large scale oil & gas developments in Denmark, Norway and UK (West of Shetland).
430 people will now transfer to Ineos, working across a portfolio of production, development, exploration and appraisal assets in Denmark, Norway and UK (West of Shetland). The business to be known as Ineos DeNoS, will form part of Ineos Oil & Gas, a business division within the Ineos Industries.