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.

Related Articles

AFPM: Petrochemical industry needs skilled workers

04/02/2014 The current boom in shale resource development has sparked an urgent need in the petrochemical industry for technically skilled workers to build, o...

Devon completes Canadian conventional assets sale

04/02/2014 Devon Energy Corp., Oklahoma City, has completed the sale of its Canadian conventional assets to Canadian Natural Resources Ltd. for $3.125 billion...

Ultra Petroleum selects senior vice-president

04/01/2014 Ultra Petroleum Corp., Houston, has appointed Brad Johnson to succeed William Picquet, who will retire from the company at the end of the month, as...

New Gulf Resources appoints chief executive officer

04/01/2014 New Gulf Resources LLC, Tulsa, has appointed Ralph A. Hill as chief executive officer and chairman of its board. He previously served as chief exec...

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