Dong Energy rethinking its oil & gas business

Business & Finance

Danish energy company Dong Energy is rethinking its oil and gas business as it is looking to focus on renewable energy. 

Following media speculation regarding the future of the company’s oil and gas business, Dong Energy confirmed on Wednesday it is no longer considering oil and gas as a long-term strategic commitment.

Dong Energy said that the strategic future of the company lies with the development of a clean energy portfolio based on competencies in offshore wind, bioenergy and green distribution and customer solutions.

As such, the company said that it has hired a banking and financial services company, J.P. Morgan, to conduct a preliminary market assessment for its oil and gas business.

Furthermore, Dong Energy said it would continue managing its oil and gas business as a source of reinvestment cash for its renewable energy business. However, Dong Energy emphasized that it has not yet made a decision to divest the oil and gas business.