DONG Energy Exits Oil & Gas Picture
DONG Energy completed the sale of its upstream oil and gas business to INEOS on Friday, 29 September, after receiving regulatory approvals necessary for the divestment of the business unit.
In May 2017, DONG Energy announced the agreement to divest the entire share capital of DONG E&P A/S to INEOS, including that closing of the transaction was subject to certain regulatory approvals.
The parties have now received the regulatory approvals from the Danish and Norwegian authorities to the indirect transfer of the oil and gas licenses in the respective countries.
As part of the transaction, INEOS takes over all decommissiong liabilities. In accordance with the regulatory framework in Denmark and Norway, DONG Energy assumes a secondary liability for the decommissioning of existing Danish and Norwegian offshore facilities.
Earlier this year, DONG Energy announced it had also decided to entirely phase out the use of coal as fuel at its power stations by 2023.