Thursday 18 March 2021 1:54 pm

Ineos snaps up Danish oil and gas fields for $150m

Ineos today said that its energy subsidiary had snapped up Danish firm Hess’ oil and gas assets for $150m (£107m).

The deal will see the conglomerate take control of the remaining 61.5 per cent stake in the Syne Ard oil field, as well as 4.8 per cent stake in the Solsort field.

It is the first deal to be announced since Ineos created its new independent oil and gas division.

As a result, the petrochemicals giant will increase its presence in Denmark, where the firm is developing a carbon capture project.

When operational, the Greensands development will see the firm store 8m tonnes of carbon dioxide emissions under the basin every year.

It is hoped that the project could be up and working by 2025.

Ineos Energy executive chairman Brian Gilvary said: “This deal represents a major step in reshaping our energy business. HESS was one of the earliest pioneers in developing this basin.

“This deal will open up future growth prospects that can be developed in Denmark’s offshore oil and gas sector, supported by a very promising carbon storage project helping to deal with future emissions. 

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“The Greensands project in Denmark will make a significant contribution to our understanding and growth of carbon storage technology, whilst supporting Denmark’s wider CO2 emission reduction targets for 2030 and beyond.”