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Shell Offloads More Dirty Business: Tenaz Energy Buys Dutch Offshore Assets for $180 Million

Jul 18th, 2024
by John Donovan.

Posted by John Donovan: 18 July 2024

In a move that’s as surprising as rain in the Netherlands, Shell and ExxonMobil, the environmental knights in shining armor, have decided to pawn off their offshore assets in the Dutch North Sea to Canada’s Tenaz Energy. For the low, low price of €165 million ($180.33 million), Tenaz Energy gets to inherit all the shiny shares of NAM Offshore B.V., a joint venture that also involves the Dutch government.

NAM operates the infamous Groningen gas field in the Netherlands. But wait, there’s more! This sweetheart deal, expected to close by mid-2025, includes all of NAM’s offshore exploration and production businesses, the pipeline infrastructure, and the onshore processing facilities—just not the assets in the Ameland area. Apparently, even Shell has to hold onto something.

Once the ink dries, Tenaz will catapult to the second-largest operator in the Dutch North Sea. Hooray for second place! NAM Offshore is set to pump out nearly 11,000 barrels of oil equivalent per day, with 99% being the much-loved natural gas. This little venture is expected to rake in approximately €90 million ($98.36 million) of free cash flow in 2024 based on current strip prices.

The gas, lovingly extracted from the L02/L09 fields in the Dutch North Sea, will be processed at the Den Helder Gas Plant, which handles about half of the region’s gas. The fuel travels via the Northern Offshore Gas Transport pipeline, because why not have a direct route from pollution to profit?

So, here’s to Shell, for continuously setting the bar for environmental stewardship—so low it’s practically subterranean. And congratulations to Tenaz Energy on your new acquisition. May your profits be as endless as Shell’s commitment to greenwashing.

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Posted in: Business ethics, Business Principles, Dutch, Environment, Exxon Mobil, Gas, GoogleNews, Groningen Earthquakes, John Donovan, NAM, Netherlands, Royal Dutch Shell Plc, Shell PLC, Sin Stocks.
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