23 Jul '16, 8am

Denmark's @DONGEnergy has divested its share in 5 Norwegian #oil fields to Faroe Petroleum

Denmark's @DONGEnergy has divested its share in 5 Norwegian #oil fields to Faroe Petroleum

DONG Energy has divested its ownership in five Norwegian North Sea oil and gas fields to Faroe Petroleum for US $70 million. Denmark’s largest energy company is best known for its large-scale offshore wind projects, which account for 75 percent of its total capital. While DONG is increasingly focussed on renewable generation, oil and gas still account for nine percent of its capital. The deal is estimated to add nearly 20 million barrels of oil equivalent to Faroe’s reserves and an additional 8,000 barrels of oil a day to this year’s production. David Cook, Executive Vice President of DONG Energy, said : “It is very satisfying that we have reached an agreement with Faroe in respect of these five assets. This transaction is an important step towards optimising our oil and gas asset portfolio with a focus on high quality, low-cost assets.” As part of the acquisition, DONG ha...

Full article: http://www.energydigital.com/utilities/4180/DONG-Energy-d...

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