LONDON – INEOS Energy has agreed to sell its Norwegian E&P portfolio to PGNiG Upstream Norway for $615 million.
The deal includes all interests in production, licenses, fields, facilities and pipelines owned by the company on the Norwegian continental shelf.
Presently INEOS E&P Norge produces around 33,000 boe/d via its shares in three fields in the Norwegian Sea: Ormen Lange (14%), Alve (15%), and Marulk (30%).
It also has 22 offshore licenses, six operated, and equity in the Nyhamna terminal (8%) that receives gas from Ormen Lange and the Aasta Hansteen field.
INEOS said its strategy was to move toward a more operated position. The sale, subject to approval by the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance, should be completed later this year, with all 52 employees in Norway transferring to PGNiG Upstream Norway.
