Gas de France to acquire Germany's Preussag Energie

By an OGJ correspondent

PARIS, Dec. 27 -- Gas de France will acquire Lingen, Germany-based Preussag Energie GMBH, an affiliate of TUI AG, for nearly one billion euros. TUI said it is selling the unit to refocus on its tourist business.

The acquired assets include hydrocarbon reserves located in Germany's North West basin estimated at some 25 billion cu m of natural gas and 50 million bbl of oil. Preussag Energie's plateau production currently hovers at 1.4 billion cu m (bcm)/year of gas and 4 million bbl/year of oil. GdF's purchase raises its own production of natural gas by nearly 50% to 4.6 bcm/year.

The acquired Preussag Energie assets also include an 11% stake in gas transportation and marketing company Erdgas Münster, which owns a 2000 km network in the northwestern part of Germany; a 50% stake in the Reitbrook underground storage facility near Hamburg; a 33% stake in the Schmidhausen storage facility near Munich; and 100% of the Fronhofen storage facility near Stuttgart.

GdF's full share of gas storage capacity being acquired totals close to 300 million cu m. In addition, GdF also will assume operation of the Lehrte storage facility near Hanover.

GdF's acquisition brings the company nearer to its target of producing, in the short term, 15% of the natural gas it sells, the company said, adding that so far, it has reached a 9% level.

Related Articles

Santos buys gas reserves for Queensland LNG plant

03/27/2014 The WestSide Corp.-Mitsui joint venture has been let a contract to supply gas to the Santos Ltd.-led Gladstone LNG project for 20 years beginning i...

Total, CNOOC sign LNG cooperation agreement

03/26/2014 Total SA and China National Offshore Oil Corp. (CNOOC) have reached an LNG cooperation agreement that will expand upon the companies’ existing 15-y...

KMEP to build Permian carbon dioxide pipeline

03/26/2014 Kinder Morgan Energy Partners LP will build and operate a 213-mile, 16-in. OD pipeline to transport carbon dioxide from its St. Johns source field ...

Lake Charles LNG export project partners file FERC application

03/26/2014 Trunkline LNG Co. LLC and Trunkline LNG Export LLC, both wholly owned subsidiaries of Energy Transfer Equity LP and Energy Transfer Partners LP, ha...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected