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GDF SUEZ Acquires Additional Shares in Njord & Noatun

Source: www.gulfoilandgas.com 7/28/2011, Location: Europe

On 26 July, GDF SUEZ E&P Norge signed an agreement with ExxonMobil Exploration & Production Norway AS to purchase its 20% share in Production Licenses 132, 107, 107B and 107C comprising the Njord field and Noatun discovery. Through this transaction, the company becomes the major owner in this licence with a 40% participating interest, alongside with Statoil (20%, operator), E.ON Ruhrgas (30%), Faroe Petroleum (7.5%) and VNG (2.5%).

“Njord is a key asset within our portfolio and the acquisition is in line with our strategy to strengthen our position in the area”, says Managing Director Terje Overvik, “I am very pleased with the work done by our team to close this deal”. Njord has a significant base production and multiple new activities, like the North West Flank development, the Low Pressure Production project (LPP) and the tie-back of the newly approved Hyme field. "We are keen to continue working closely with the Operator and other partners to secure safe and profitable operations”, Overvik adds. The transaction is subject to the approval from the Norwegian authorities.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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