Spirit Sells 2 Danish Assets to Ineos

Spirit Energy has revealed that it has signed an agreement to divest two “non-core” Danish assets to Ineos.

Spirit is selling its two companies with licences in Denmark, which jointly own 40 percent in the Hejre discovery and 27.7 percent in the Solsort discovery. The transaction is subject to approval from the relevant authorities and is expected to close “later this year”, according to Spirit.

“In line with our strategy of managing our portfolio, we evaluated these opportunities and concluded that they are no longer core to Spirit Energy,” Dag Omre, executive vice president of Spirit Energy Norway & Denmark, said in a company statement.

“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,” Dag Omre added.

Formed in December 2017, Spirit Energy is an independent exploration and production company. The business is present in four countries and employs more than 1,000 people, according to its website.

In January, Spirit revealed that the company and its partners in the Statfjord area plan to drill up to 100 new wells and extend production by more than ten years. Spirit said previous plans to decommission Statfjord A in 2022 have been shelved “to extract even more value from the field”.

Ineos describes itself as a leading chemical company with sales of around US$60 billion. The company employs 22,000 people and has 183 sites in 26 countries, according to its website, which outlines that most of Ineos’ employees have spent all their working lives in the chemical or oil industry.

Ineos owns the Forties Pipeline System, which it describes as an integrated oil and gas liquid transportation and processing system with a nominal capacity of over 600,000 barrels per day.

Source: Rigzone