DONG Energy reviewing oil and gas options

FREDERICIA, Denmark, Oct. 26 (UPI) -- Danish company DONG Energy said it was realigning its priorities around clean-energy options, but not necessarily leaving its oil and gas business behind.

DONG said that, in coordination with a pending initial public offering, it was moving its portfolio closer to clean-energy options like bioenergy and offshore wind. In September, the company announced it was installing the turbines at its Burbo Bank extension project off the British coast. At 640 feet, the turbines are the largest of their kind in the world.

Stating its intention to become a world-class company in renewable energy options, the company said it would manage any of its oil and gas options for cash, steering any capital toward its low-carbon interests.

"As such, it was confirmed that the oil and gas business was not considered a long-term strategic commitment for DONG Energy," the company said in a statement.

DONG said it retained the services of J.P. Morgan to assess its holdings and strategic priorities, but was not making any decisions on selling off its oil and gas business entirely.

The company last month entered an agreement with a state-owned company in Denmark to sell its entire gas distribution network and related operational activities.