INEOS and its partners in the Solsort Unit, Danoil and Nordsøfonden, have agreed on a Final Investment Decision regarding the development of the Solsort West field.
Located in the danish region of the North Sea, the Solsort West field recently received approval for development from the Danish Energy Agency.
Consisting of two wells, the Solsort oil and gas will be produced via the Syd Arne installation operated by INEOS.
First oil and gas are expected in Q4 of next year after Maersk Drilling’s Maersk Resolve harsh-environment jack-up rig drills two development wells in early 2023.
When Solsort starts production the gas from INEOS will cover up to 10 % of the Danish gas consumption, helping the country become more self-sufficient and less reliable energy imports.
Chief executive of INEOS Energy, David Bucknall, said: “The sanction of the development of Solsort fits well with our overall investment strategy in Denmark of optimising already existing infrastructure to support security of supply and at the same time investing into storage of CO2 to support the green transition.
“There will be a need for oil and gas for many years to come but at the same time we need to find new and green solutions. INEOS has the ambition to provide both”.
Head of INEOS Energy Denmark, Mads Weng Gade, added: “The decision to develop the Solsort field – the first Danish oil and gas development in many years in Denmark – represents an important step to our business and strengthens the activities of INEOS in Denmark.
“The Solsort production will be a valuable contribution to Danish and European energy independency and self-sufficiency in a difficult period for Europe”.