The subsidiary has a 61.5% operated interest in the South Arne field in the Danish North Sea, which produced on average 5,800 boe/d net to Hess in 4Q 2020. Ineos owns the remaining 38.5%, and will therefore assume full control of the asset.
The deal, which also includes 4.8% of the Ineos-operated Solsort field, should close this summer, subject to government approvals and other conditions.
Around 60 personnel currently employed by Hess will transfer to Ineos.
As incumbent operator also of the nearby Siri field area, Ineos expects to achieve in operational and cost synergies between the two fields and their facilities. It plans to further extend the life of South Arne within the context of the Danish government’s decision last year to cease production on the Danish shelf by 2050.
The company is also working on the Greensands project, designed to permanently store up to 8 MM metric tons/yr (8.8 MM tons) of CO2 in the Siri area, after the fields have ceased production.