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Ineos to acquire Hess oil and gas interests in Denmark
Ineos E&P, part of Ineos Energy, is to acquire Hess Denmark for $150mn.
As part of the deal, Ineos will acquire 61.5% of the Syd Arne oil field, currently operated by Hess, which complements the 36.8% share Ineos already holds in the field. It will also acquire 4.8% of the Solsort field, which is already operated by Ineos.
Ineos currently operates the Siri field area in Denmark. By becoming operator of Syd Arne, it expects to unlock operational and cost synergies between the two assets.
The company reports that the deal ‘fits well’ with the Greensands project, which plans to permanently store up to 8mn t/y of CO2 in the Siri area when the fields have ceased production.
Syd Arne oil field