oil and gas fields to Faroe Petroleum. In 2017, DONG Energy completed decommissioning of the world's first offshore wind farm, Vindeby Offshore Wind Farm. Also in 2017, the company decided to phase-out the use of coal for power generation, and it sold off its oil and gas business to Ineos for US$1.05 billion. After selling its oil and gas business the company announced its transition to renewable energy was fulfilled and changed its name to Ørsted after the Danish scientist Hans Christian Ørsted, citing that DONG was inappropriate considering they no longer owned any oil and natural gas assets. In 2018 Ørsted acquired Deepwater Wind to expand offshore wind in the US. In 2018, a gas price arbitration case was closed between Gazprom on one side, and Ørsted, Shell and others on the opposite side. In 2019, Ørsted divested an electricity distribution network for $3 billion. On 9 September 2020 it was revealed that Mads Nipper, former CEO of Grundfos, will take over as CEO from Henrik Poulsen on 1 January 2021. In 2020 developer Ørsted sold a 50% stake in the Greater Changhua 1 Offshore Wind Farm in Taiwan to Caisse de depot et placement du Quebec and Cathay PE for $2.7 billion. In 2022, Ørsted began rewilding the seabottom near some of its offshore wind farms. Operations Ørsted considers Denmark, Sweden, the United Kingdom, Germany and the Netherlands as core markets of corporation. However, in 2015 they also received a lease from the US agencies the Department of the Interior and the Bureau of Ocean Energy Management, which, in the lease, handed over some sea area in the United States for wind park development, specifically in New Jersey. Oil and gas exploration and production Before the divestment of its oil and gas upstream assets to Ineos in 2017, DONG Energy's core areas of oil and gas exploration and production lay in the southern part of the Norwegian North Sea and the Danish part of the North Sea, Barents Sea, west of Shetland, and in the central region of Norway (gas production). The reserve base was expected to be of oil equivalent. In 2016, it produced of oil equivalent. In 2016, DONG Energy agreed to sell its oil and gas pipelines to Energinet.dk. It owned oil and gas pipelines which extend from the Danish part of the North Sea to Nybro and the Swedish gas transmission network (Nova Naturgas).