INEOS Energy has completed the $615m sale of its oil and gas business in Norway to PGNiG Upstream Norway AS (PGNIG). The deal includes all INEOS Oil & Gas interests in production, licenses, fields, facilities and pipelines, on the Norwegian continental shelf and has an effective date of 1 January 2021.

INEOS E&P Norge AS produces around 33,000 BOE per day from the Norwegian Sea. A 93% gas ratio, from 3 non-operated fields, Ormen Lange (14%), Alve (15%) and Marulk (30%). The business also holds 21 offshore licenses, of which 6 are operated, and has equity in the Nyhamna Terminal (8%).

The deal rebalances the INEOS portfolio in terms of oil and gas and moves INEOS Energy towards a more operated position.

Brian Gilvary, Executive Chairman of INEOS Energy said, “This 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. We also balance our portfolio of oil and gas and open up new opportunities to reinvest further into the energy transition."

The completion of the deal helps reshape INEOS Energy as it progresses a strategy to position the businesses strongly in the coming energy transition.

About INEOS

INEOS is a global manufacturer of petrochemicals, speciality chemicals and oil products. Comprising 36 individual businesses, we operate 194 facilities in 29 countries throughout the world. In recent years our scope of operations has diversified with the launch of INEOS Automotive and INEOS Hygienics, acquisition of iconic British brand Belstaff and an ever-expanding sports portfolio. A blend of opportunism, belief that we can add value and pursuit of our core values and passion for adventure.

About PGNiG

Polish Oil and Gas Company (PGNiG) deals with exploration and production of natural gas and crude oil and – through its branches and key companies from the Capital Group – with import, storage, sales, distribution of gaseous and liquid fuels, production of heat and electricity as well as geophysical and drilling services. Its subsidiaries and branches carry out exploration and production activities in Norway, Pakistan and UAE, gas sales in Germany and LNG trading through an office in London.