London-based Ineos (
www.ineos.com) is to buy DONG Energy’s portfolio of North Sea assets.
The deal is expected to close in the third quarter and will see the petrochemicals giant, which is backed by billionaire founder Jim Ratcliffe, enter the top 10 North Sea oil producers.
The better-than-expected $1.05 billion price will be topped up by a further $250 million payable between 2018 and 2020 to the Danish energy group (it is reducing its ties to fossil fuels).
Mr Ratcliffe’s Ineos has agreed to acquire all of the Danish energy company’s oil and gas business, which includes the Laggan-Tormore gas field to the west of Shetland and major fields in Norwegian and Danish waters.
Mr Ratcliffe said: “DONG Energy’s oil and gas business is a natural fit for Ineos as we continue to grow our upstream activities.”