INEOS Energy has agreed to buy HESS Corporation’s oil and gas assets in Denmark in a deal worth $150 million (£108m).

It will acquire 61.5% of the Syd Arne oilfield, currently operated by HESS, which complements the 36.8% share INEOS already holds in the field.

INEOS will also acquire 4.8% of the Solsort field, which is already operated by the company.

The acquisition strengthens INEOS’ portfolio, improving its balance of oil and gas assets and raising output ahead of the Danish Government’s decision to cease oil and gas production by 2050.

Brian Gilvary, Executive Chairman of INEOS Energy said: “This deal represents a major step in reshaping our energy business. HESS was one of the earliest pioneers in developing this basin. This deal will open up future growth prospects that can be developed in Denmark’s offshore oil and gas sector, supported by a very promising carbon storage project helping to deal with future emissions.

“The Greensands project in Denmark will make a significant contribution to our understanding and growth of carbon storage technology, whilst supporting Denmark’s wider CO2 emission reduction targets for 2030 and beyond.”