Spirit Energy has signed an agreement to divest two non-core Danish assets to INEOS.

The divestment is through a sale of Spirit’s two companies with licenses in Denmark. The two companies jointly own 40% in the Hejre discovery and 27.7% in the Solsort discovery.

The transaction is subject to approval from the relevant authorities and is expected to close later this year.

Dag Omre, Executive Vice President of Spirit Energy Norway & Denmark, said: “In line with our strategy of managing our portfolio, we evaluated these opportunities and concluded that they are no longer core to Spirit Energy.

“We look forward to working closely with INEOS in the coming months to conclude the transaction, as well as focusing on our portfolio of assets, developments and exploration opportunities across North-West Europe.”

About Spirit Energy

Spirit Energy was created in 2017 following the combination of Centrica’s Exploration & Production business and Bayerngas Norge AS. The business is 69%-owned by Centrica plc, with the remaining 31% owned by Bayerngas Norge’s former shareholders, led by Stadtwerke München and Bayerngas GmbH.

The independent company was formed to combine a complementary mix of producing and development assets, and creates a robust, self-financing business to allow both organic and inorganic growth.

About INEOS

INEOS is a leading manufacturer of petrochemicals, specialty chemicals and oil products. It has 34 businesses, with a production network spanning 171 manufacturing facilities in 24 countries. From paints to plastics, textiles to technology, medicines to mobile phones - chemicals manufactured by INEOS enhance almost every aspect of modern life. INEOS had sales in 2018 of around $60bn and EBITDA close to €6bn. Its products make a significant contribution to saving life, improving health and enhancing standards of living for people around the world.