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GDF Suez to buy Dutch North Sea assets

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GDF Suez to buy Dutch North Sea assets

ByRebecca Bream in London

Published: September 5 2008 11:11 | Last updated: September 5 2008 11:11

Newly-formed French energy group GDF Suez said on Friday it was in exclusive talks to buy over €1bn worth of offshore oil and gas assets from a Dutch venture owned by Royal Dutch Shell and ExxonMobil.

The exploration, production and transportation assets are situated in the Dutch North Sea and includes stakes of between 30 and 60 per cent in five producing fields. Nederlandse Aardolie Maatschappij (Nam), the Dutch venture, currently produces 3.3m barrels of oil equivalent per year from these assets.

The package also includes a 30 per cent stake in the company that owns and operates a Dutch natural gas pipeline called Nogat, as well as rights in a pipeline system which transports gas from the German sector of the North Sea to the Netherlands. Total consideration is expected to be €1.075bn.

Nam is the largest oil and gas exploration and production company in the Netherlands. The company produces 50bn cu m of natural gas annually from on- and offshore fields, including the Groningen gas field in the Netherlands. Nam also operates two underground gas storage facilities and will soon start the re-development of the large Schoonebeek oilfield.

Jean-Marie Dauger, executive vice president of GDF Suez, said: “With this acquisition, GDF Suez reinforces its strong position in the Netherlands and becomes the largest exploration and production operator in the Dutch sector of the North Sea.”

He said the deal would increase the group’s medium term resources in the Netherlands by 30 per cent.

GDF Suez was created this summer through the merger of Gaz de France and Suez, becoming Europe’s biggest buyer of gas and Europe’s second biggest energy group in terms of power sales.

The group said on Friday the deal was subject to successful conclusion of due diligence, staff consultation, regulatory approvals and third party consents.

Separately, GDF Suez announced that it was part of a consortium led by Japanese trading house Marubeni which won the bid for Singapore’s Senoko Power for S$3.65bn ($2.5bn). It holds a 30 per cent stake in the consortium.

 

EDITOR’S CHOICE

GdF-Suez advisers in €290m payday – Jun-17

Copyright The Financial Times Limited 2008

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