Dana to buy Suncor's shares in Petro-Canada Netherlands

By OGJ editors
HOUSTON, June 14
-- Dana Petroleum PLC has reached an agreement with Suncor Energy Inc. to purchase all of Suncor’s shares in Petro-Canada Netherlands BV for €445 million, effective Jan. 1.

Petro-Canada Netherlands has operated interests in eight offshore production and exploration licenses in the Dutch sector of the North Sea, including the operated De Ruyter (54% working interest) and Hanze (45% working interest) producing oil fields.

Current production is about 12,000 boe/d net to Suncor. In addition, Petro-Canada Netherlands has interests in 13 nonoperated offshore production and exploration licenses, primarily containing gas assets. It also has a small nonoperated onshore position in the Netherlands, which includes interests in the Alkmaar PGI Gas Storage facility.

The sale is expected to close in the third quarter and is subject to closing conditions and regulatory approvals.

As part of its strategic business alignment, Suncor is continuing with plans to divest a number of noncore assets. Announced sales to date include all oil and gas producing assets in the US Rockies, noncore gas properties in Western Canada, and all Trinidad and Tobago assets. Remaining proposed divestments include certain gas assets in Western Canada and noncore North Sea assets.

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