Dong Energy Eyes Sale Of Oil And Gas Business

COPENHAGEN, , (APP - UrduPoint / Pakistan Point News - 26th Oct, 2016 ) - Denmark's Dong Energy, a major operator of offshore wind farms, said on Wednesday that it was eyeing a sale of its oil and gas business in the North Sea.

The group said in a statement that it was "reviewing strategic options regarding the future of the oil and gas business" and that JP Morgan had been hired "to conduct a preliminary market assessment".

"However, Dong Energy has not made a decision to divest the oil and gas business," it said.

Ahead of its IPO in June this year, the group, which is 50.1 percent owned by the Danish government, told investors that the oil and gas business "was not considered a long-term strategic commitment".

Energy distribution accounts for 55 percent of Dong's revenue while 30 percent comes from wind power. The group has not made an annual profit since 2011 but shifted to a 4.1 billion kroner (555 million Euros, $602 million) profit in the first half of this year.