Nuon acquires stakes in British gas fields

abarrelfullabarrelfull wrote on 28 Apr 2013 17:51

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Jun 19, 2009 | Amsterdam

Nuon has acquired interests in various gas fields in the British part of the North Sea. This is the outcome of an agreement signed with Venture Production plc. The deal is retroactive to 1 January 2009. The acquisition fits in with Nuon’s strategy to strengthen its position in the gas market. It makes Nuon less dependent on external parties and safeguards the security of supply.

Øystein Løseth, CEO of Nuon Managing Director E&P: "With this transaction we increase our own gas production and thereby strengthen our position in the entire gas chain. The deal concerns interests in several gas fields in varying stages of development. including production, appraisal and exploration. This demonstrates Nuon’s commitment to invest in the entire Exploration & Production cycle. In Venture, we have found a strategic partner with an outstanding track record who will help us achieve our objectives."

The purchase consists of a 15% interest in two producing gas fields (Chiswick and Stamford), a 25% stake in a gas field that is still to be developed for production (Kew discovery) and a 25% to 30% stake in exploration activities. The consideration for the package has been set at EUR 101.5 million (GBP 86.5 million) including substantial tax allocations. The producing fields are connected to the Westgastransport Pipeline, which lands at Den Helder.

In June 2008, Nuon made its first acquisition involving the purchase of 100% of the shares in Burlington Resources Nederland Petroleum B.V. (BRN) from ConocoPhillips retroactive to 1 January 2008. This deal gave Nuon stakes in 35 gas fields in the Dutch North Sea. Including the stakes in the newly acquired British gas fields, Nuon now has interests in 38 gas fields.

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