INEOS Energy sells its Norwegian oil and gas business

INEOS Energy has announced that it is selling its oil and gas business in Norway to PGNiG Upstream Norway for US$615m.

The sale includes all of INEOS’ interests in production, licences, fields, facilities and pipelines, on the Norwegian continental shelf. The deal is expected to be completed later this year, subject to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance. All 52 employees will transfer to PGNiG following completion of the deal.

Brian Gilvary, Executive Chairman of INEOS Energy said: “This deal 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."