Uchenna Izundu
International Editor
LONDON, June 17 -- Dutch energy firm Nuon announced a €476.7 million deal to acquire the Norwegian North Sea energy assets of ConocoPhillips.
Nuon will acquire Burlington Resources Nederland Petroleum BV, giving the company stakes in 35 gas fields in the Norwegian North Sea, gas pipelines, and processing facilities.
The transaction is key to Nuon's determination to become an integrated company across the gas and power value chain. It also adds the essential gas production capabilities to Nuon's existing gas trading, wholesale, and retail activities.
About 28 of the 35 fields are in the joint development area of the Dutch North Sea and Burlington holds interests in the Westgastransport Pipeline and Pipeline Extension, the onshore Den Helder facility with HiCal and LoCal gas processing plants, and the JDA LoCal pipeline. The assets are operated either by NAM or by Wintershall.
Nuon is keen to partner with a foreign company to strengthen its position in the European energy market and continue to acquire interests in gas fields or power plants. The search for a partner is expected to take at least 6 months.
Contact Uchenna Izundu at [email protected].
