Dong Energy has decided to keep its exploration and production (E&P) within its planned IPO, the company has announced after a strategic review.

The company said it would have to adapt to the decline in oil and gas prices and it would de-risk its portfolio – which it said was oil and gas assets in Denmark, Norway and the UK with attractive lifting costs – and “focus on cash generation within the new market reality”. It will write down the assets by DKK16 billion (£1.6 billion).