INEOS wraps up DONG Energy’s North Sea buyout

Petrochemicals giant INEOS has completed the purchase of DONG Energy’s oil and gas business for $1.05 billion (£0.79bn). The deal, which will see 430 staff join INEOS’s Oil & Gas […]

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By Priyanka Shrestha

Petrochemicals giant INEOS has completed the purchase of DONG Energy’s oil and gas business for $1.05 billion (£0.79bn).

The deal, which will see 430 staff join INEOS’s Oil & Gas Business, positions the company in the 10 ten firms in the North Sea.

It includes long life and development fields, producing an average of 100,000 barrels of oil (boe) equivalent per day in the North Sea, with around 570 million boe of commercial and potential oil and gas reserves in Denmark, Norway and the UK.

DONG Energy recently revealed it will be changing its name to Ørsted next month.

It will be exhibiting at Energy Live Expo on November 2nd. Last few tickets are available for free for end users.