INEOS Energy sells Norwegian oil and gas business for $615M to PGNiG


United Kingdom INEOS Energy completed the sale of its oil and gas business in Norway to PGNiG Upstream Norway AS for $615 million.

The agreement covers all of INEOS Oil & Gas’s holdings on the Norwegian continental shelf, including production, permits, fields, facilities, and pipelines, and takes effect on 1 January 2021.

INEOS E&P Norge AS extracts approximately 33,000 barrels of oil equivalent per day from the Norwegian Sea. A 93 percent gas ratio, derived from three non-operated fields, Ormen Lange (14%), Alve (15%), and Marulk (30 percent ). Additionally, the company controls 21 offshore licenses, six of which are operated, and owns a stake in the Nyhamna Terminal (8 percent ).

The transaction rebalances INEOS’s oil and gas business and shifts INEOS Energy into a more operational position.