BULLETIN: DONG A/S to Acquire BP's Share of Ormen Lange Oil and Gas Field; No Ratings Effect Nov 04
- ID: 1822139
- November 2004
- Standard & Poors
STOCKHOLM (Standard & Poor's) Nov. 24, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on Denmark-based DONG A/S (A-/Stable/A-2) are unaffected by its planned acquisition of stakes in an oil and gas field and gas pipeline from BP PLC (AA+/Stable/A-1+). DONG is to acquire a 10.34% stake in the developing Ormen Lange oil and gas field in the Norwegian North Sea sector, as well as BP's 10.2% stake in the related Langeled gas export pipeline. The acquisition is pending approval by the Norwegian government, which has preemption rights to these stakes. The acquisition will improve DONG's weak oil and, importantly, its weak gas reserve position, as well as its gas procurement and sales flexibility. It will...
Companies mentioned in this report are: DONG Energy A/S,BP PLC
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