Asset A&D

INEOS Acquires Spirit Energy's Interests in Two Danish North Sea Discoveries

By Shriya Bhargava
March 03, 2020
a minute read
Oil Rig Off Sea Point Beach Capetown

UK-based E&P company Spirit Energy Ltd. has entered into an agreement with INEOS Oil & Gas Denmark, a division of multinational chemicals group INEOS, for the sale of its interests in two oil & gas discoveries in the Danish North Sea. The financial terms of the transaction have not been disclosed. The license interests were previously held by Bayerngas Norge AS, which merged with Centrica’s E&P business in late 2017 to form Spirit Energy. The divestment will take place through the sale of Spirit Energy’s holding in two companies that jointly own a non-operated 40% interest in the Hejre discovery and a 27.66% interest in the Solsort discovery.

The Hejre discovery is located approximately 300 km from the Danish coast in license 5/98. INEOS holds the remaining 60% interest in the license and is the current operator. The Solsort discovery is located across licenses 3/09, 4/98 and 7/89, and lies 8 km away from the Hess-operated Syd Arne field which is in production. Solsort is also operated by INEOS with a 35.1396% interest. Other license partners include Neptune Energy Group Ltd. (13.83%), Nordsøfonden (18.44%), Hess Denmark ApS (4.7982%), and Danoil Exploration AS (0.1322%). INEOS acquired the interests through its acquisition of oil & gas business of DONG Energy AS in 2017.

The transaction is subject to approval from the relevant authorities and is expected to close later this year.

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