Slaughter and May is advising INEOS on the acquisition of oil and gas interests in Denmark from Hess Corporation for US$150 million.
This is the first deal to be announced by INEOS following the formation of the new INEOS Energy business which incorporates INEOS’ oil and gas business.
As part of the deal INEOS will acquire 61.5% of the Syd Arne oil field, currently operated by Hess, which complements the 36.8% share INEOS already holds in the field. INEOS will also acquire 4.8% of the Solsort field, which is already operated by INEOS.
The transaction is subject to the receipt of regulatory approvals and is expected to close in the third quarter of this year.
Slaughter and May worked closely with Jonny Ginns and Dan Lawrie from the in-house legal team at INEOS.