British petrochemicals company INEOS expands oil and gas holdings by Daniel J. Graeber Washington (UPI) May 24, 2017 British petrochemicals company INEOS said Wednesday it built up its oil and gas business with a $1 billion purchase of assets from DONG Energy. INEOS announced the unconditional payment for the entire portfolio held by the oil and gas subsidiary of DONG. With the $1 billion acquisition, INEOS becomes a top tier North Sea oil and gas player and the largest privately owned exploration and production company in the region. "DONG Energy's oil and gas Business is a natural fit for INEOS as we continue to expand our upstream interests," INEOS Chairman Jim Ratcliffe said in a statement. "We have been successful in our petro-chemical businesses, focusing on operating our assets safely, efficiently and reliably and we intend to do the same with our oil and gas assets." In late October, DONG Energy said it was moving its portfolio away from oil and gas and closer to clean-energy options like bioenergy and offshore wind. DONG has seven offshore wind farms in various stages of construction. The assets acquired by INEOS include about 570 million barrels of oil and natural gas reserves in the North Sea. DONG Energy CEO Henrik Poulsen said the agreement with INEOS is transformative to a company stepping away from the oil and gas business. "The transaction completes the transformation of DONG Energy into a leading, pure play renewables company," he said in a statement. For INEOS, the transaction follows a string of moves deeper into the oil and gas business. In April, the company paid about a quarter billion dollars to acquire the 235-mile Forties pipeline system, which ties 85 oil and gas assets in the North Sea to the British mainland. Late last year, the company became the largest shale gas acreage holder in the country when it was awarded 21 licenses by the British government. The North Sea acquisition followed an announcement from BP that it started oil production from a North Sea basin after spending billions of dollars on regional redevelopment. Working under the Quad 204 redevelopment effort, the company said the program could yield another 450 million barrels from regional assets under maturation pressure.
Washington (UPI) May 24, 2017 An Iranian bank sanctioned by the U.S. Treasury Department has opened its first branch in Italy, Iranian state media reported Wednesday. The official Islamic Republic News Agency reported Saman Bank has opened a branch in Rome following meetings between officials with the Central Bank of Iran and Italian delegates last month. "Saman Bank opened its first agency in Rome in order t ... read more Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |