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BULLETIN: DONG A/S to Acquire BP's Share of Ormen Lange Oil and Gas Field; No Ratings Effect Nov 04 Product Image

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

Abstract
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
Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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