Dong Energy plans sale of oil and gas assets

DENMARK: Dong Energy has confirmed media speculation that it is considering selling its oil and gas business to concentrate on further offshore wind power development.

Dong has now commissioned 1,000 offshore wind turbines
Dong has now commissioned 1,000 offshore wind turbines

Dong appointed JP Morgan to conduct a preliminary market assessment.

The company said it is pursuing the strategy laid out when it floated on the Copenhagen stock exchange earlier this year, of using future cash flows from its oil and gas operations to fund investment in renewable energy.

However, the company’s statement said that no decision had yet been made on divesting its fossil-fuel arm.

On 25 October, Dong announced that it had commissioned its 1,000th offshore turbine, making it the first company in the world to reach this figure.

The landmark turbine — a Siemens SWT-6.0-154 — was commissioned at the Gode Wind 2 project in the German North Sea.

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