Danish energy group DONG Energy has published its 9-month financial report, posting a 19% increase in its wind power EBITDA and a contraction from the EBITDA related to oil and gas operations, due to lower oil and gas prices and reduced volumes from the Ormen Lange field in Norway.
Taking these results and this context into consideration, and based on its strategy to focus on renewable energies, DONG Energy has confirmed rumours and has decided to initiate a process with the aim of ultimately exiting from its oil and gas business. These activities will continue to be restructured and there is no precised timeline for the completion of the process.
DONG Energy is the main oil producer in Denmark, with 4.8 mboe produced in eleven Danish production fields in 2015. The company is also the largest gas producer in Denmark, with 0.6 mboe (92 mcm) produced in 2015 (plus 30.2 mboe or 4.6 bcm in Norway). The group aims to reduce the share of fossil fuels in its generation mix and is investing massively in renewables and progressively shutting down thermal power plants. In total, the group has shut down or sold 2.2 GW of thermal capacity since 2009. By 2020, the group aims to cover at least half of its Danish power generation with biomass (30% achieved in 2015).