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Denmark's DONG Energy to get out of oil and gas business

Danish energy group DONG Energy plans to quit the oil and gas business to focus solely on offshore wind power, adding to billions of dollars of North Sea oil and gas assets already up for sale.

DONG said last month it would sharpen its focus on wind power and could shed its oil and gas business, having hired JP Morgan to review the assets.

DONG's decision follows similar steps by European utilities E.ON and RWE, which have both divested their oil and gas business to try to become simpler structures, free up cash and remove conglomerate discounts on their shares.

"We want to get to the right transaction, that obviously provides value to shareholders and provides the oil and gas business with the right long term opportunities," Chief Executive Henrik Poulsen said on a conference call on Tuesday.

"We are still in a very early stage of exploring market interest, but it is our impression that there is interest in an asset of...


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