Ineos to sell Norwegian oil and gas business to PGNiG for $615m

first_img PGNiG to acquire Ineos’ Norwegian oil and gas business, which includes a stake in the Nyhamna Terminal. (Credit: INEOS) UK-based Ineos Energy has agreed to sell its Norwegian oil and gas business to Polish state-controlled firm PGNiG for $615m.Included in the deal are Ineos Oil & Gas’ stakes in production, licences, fields, facilities, and pipelines, located on the Norwegian continental shelf.The company’s Norwegian subsidiary Ineos E&P Norge has interests in 22 licences offshore Norway. Of these, six are operated by the company, which also has a stake of 8% in the Nyhamna Terminal.Ineos E&P Norge has a production of nearly 33,000 barrel of oil equivalent (BOE) per day from the Norwegian Sea.The company has a gas ratio of 93% from three non-operated fields that include Ormen Lange (14%), Marulk (30%), and Alve (15%).According to Ineos Energy, the transaction will help it rebalance its portfolio in terms of oil and gas, while shifting it towards a more operated position.INEOS Energy executive chairman Brian Gilvary said: “The deal allows us to monetise a non-operated, predominantly gas portfolio at an attractive price compared to our hold value.“This will further balance our portfolio of oil and gas and open up new opportunities to reinvest further into the energy transition. These assets are a very strong strategic fit for PGNiG and significantly extends their position in Norway.”The transaction follows the recent agreement by Ineos Energy to acquire Hess’ Danish oil and gas assets for $150m.PGNiG is acquiring the assets through its subsidiary PGNiG Upstream Norway. The deal will help the Polish firm reach four billion cubic metres of annual gas production in Norway in 2027.The Polish company will be adding 117 million barrels of oil equivalent through the acquisition, which will expand its Norwegian resources by nearly 55%.Presently, PGNiG Upstream Norway has stakes across 36 licences. The company has oil and gas production from nine fields, and is taking part in development of six more fields.PGNiG management board president Paweł Majewski said: “The transaction is of particular importance to PGNiG. Acquisition of the INEOS E&P Norge AS assets means a sharp increase in our gas output in Norway, and will ensure considerable gas volumes for the Baltic Pipe.“Therefore, it will contribute significantly to the implementation of the PGNiG Group’s strategic objectives.“Our activities in Norway are closely linked to Poland’s energy security.”The deal, which is subject to the Norwegian government’s approvals, is expected to be closed later this year. The deal will enable PGNiG to add 117 million barrels of oil equivalent to its Norwegian portfoliolast_img read more

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NPBL Round Up: Kwara Falcons regain Atlantic Conference Top Spot

first_imgKwara Falcons regained top spot from erstwhile leaders, Rivers Hoopers on Thursday, following the conclusion of matches in the Nigerian Premier Basketball League.The Ilorin-based Falcons defeated Nigeria Customs 89-64, to soar to the top of the standing with one more game of the regular season to be played on Saturday.In Lagos, third-place Hoops and Reads 71-69 victory over Rivers Hoopers, meant the debutant privately-sponsored club ended Rivers Hoopers dominance at the top of the table with the two-point win.David Edward of Hoops and Reads led the game scoring with 18 points, while teammate Ifeoluwa Balogun was a beast for the duration of the game, recording 14 rebounds.Oluyole Warriors overcame the challenge from sixth-place Police Baton, 82-69, as both teams gear up for a place in the conference 6 playoff s which commences in less than a fortnight. In the game of relegation battlers, NAF Rockets defeated Delta Force 77-48, to give them a slight ray of hope going into the final day of the regular season.NAF Rockets play Rivers Hoopers on the final day, as they require a win against a team which will be eager to finish top of the standing, implication meaning Rockets job appears to be mission impossible. Delta Force, seventh on the table, plays high flying Hoops and Reads.In the event both teams lose their games, NAF Rockets will be relegated due to Delta Force superior head-head record (3-1) over the Rockets. Relatedlast_img read more

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Apology for Boateng racism remarks

first_imgSchalke financial officer Peter Peters has apologized after he suggested Kevin-Prince Boateng left Milan because of racist incidents.The board member had claimed on Monday that the attacker decided to join the Bundesliga club because of “too many racist incidents in Italy”.However, in a statement today, he has since retracted those remarks.“A statement made by Schalke finance director Peter Peters regarding the transfer of Kevin-Prince Boateng caused something of a stir on Monday, a misunderstanding that Peters deeply regrets,” a notice on the club’s official website read.“Having spoken to our general manager, Horst Heldt, my initial assumption proved to be completely wrong. He confirmed that racist incidents were definitely not the reason for Kevin’s move to Schalke.“As soon as I’m back at Schalke I will speak to Kevin personally and apologize for what I said. It was certainly not my intention to cast false aspersions on AC Milan or the Italian fans.”last_img read more

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