Deal Insight
PGNiG buys INEOS' Norway assets for US$615m
Report summary
INEOS has sold its gas-weighted Norwegian business to the Polish state-controlled oil and gas company PGNiG for US$615 million. Under our modelling, INEOS has achieved a good exit price. The portfolio comes with upsides including potential swing production being introduced at Ormen Lange and high impact exploration prospects. Downside risk could come from a delay at Ormen Lange Phase 3 which is set to be sanctioned in the next 12 months. The deal marks a significant milestone in PGNiG's strategy and long-term commitment in Norway. It doubles its Norwegian production to 60 kboed and more importantly, meets its ambition to produce 2.5 bcm per annum of gas.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
-
Upsides and risks
- Upsides
- Risks
-
Strategic rationale
- PGNiG
- INEOS
- Oil & gas pricing and assumptions
Tables and charts
This report includes 10 images and tables including:
- Executive summary: Table 1
- Upstream assets: Table 1
- Implied long-term oil price (ILTOP) comparison (NPV10)
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Ormen Lange monthly production
- PGNiG Norwegian gas production
What's included
This report contains:
Other reports you may be interested in
Asset Report
Alvheim
The Alvheim development is located to the west of Heimdal in the Norwgian North Sea, near the Norwegian-UK border.
$4,400
Asset Report
Utgard UK
Utgard (originally known as Alfa Sentral) is a gas and condensate field straddling the UK and Norway boundary. Equinor operates the ...
$3,100
Asset Report
Statfjord UK
Equinor UK operates the UK section of the giant Statfjord oil and gas field. It is located in the Tampen area, immediately north of the ...
$3,100
