Dong Energy has confirmed plans to exit from the oil and gas sector and focus on its renewable energy business.
Dong Energy has confirmed plans to exit from the oil and gas sector and focus on its renewable energy business.
Henrik Poulsen, CEO and President of Dong, said that the decision would ensure the “best possible long term development opportunities” for its oil and gas business and was part of its strategy to become a world leader in renewable energy. “There can be no assurance as to the outcome or the timing of the completion of the process,” he said.
Dong says that it is seeking buyers for its North Sea oil and gas business, which includes stakes in more than 66 licenses and which had a turnover of €12.8 billion in 2015.
Dong has seven large-scale offshore wind farms under construction, totalling 4.4 GW of capacity. “In parallel, we continue to shape our pipeline of offshore wind project opportunities for the period beyond 2020,” said Poulsen.
Poulsen was speaking as Dong announced its interim financial figures for the first nine months of 2016. Its financial statement showed a jump in profit by 7 per cent to DKK4.8 billion, helped in part by growth in its wind business.