The European Commission has greenlighted the acquisition of Dong Energy’s oil and gas production by Switzerland-based Ineos. The more than $1 billion purchase includes ten gas and oilfields operated by the Danish company in Norway and the UK in addition to Denmark-The combined output capability totals 100,000 bbl/d.

In the EU regulatory authority’s view, the proposed transaction raises no competition concerns as the companies' activities overlap to only a limited extent and a number of alternative suppliers would remain in the market after the merger.

Ineos said earlier it expects to complete the transaction in the third quarter.