Dutch power company Essent buys into North Sea field

GDF Suez E&P Nederland and Lundin Netherlands have finalized the sale of their production shares in the E17-A gas field in the Dutch North Sea to Netherlands' largest power company Essent.

Dec 17th, 2008

Doris Leblond
OGJ Correspondent

PARIS, Dec. 17 -- GDF Suez E&P Nederland BV and Lundin Netherlands BV have finalized the sale of their production shares in the E17-A gas field in the Dutch North Sea to Netherlands' largest power company Essent. Offshore fields account for more than 50% of Dutch gas production.

Operator GDF Suez acquired the field in 2003 from NAM, which discovered it in 1996. The field will come into production at yearend 2009, producing an expected total of 2.5 billion cu m of gas.

Essent will acquire GDF Suez's 34.07% production share and Lundin's 1.2% share.

Other shareholders in the gas field are Total EP Nederland, with 14.1%, and Holland's Energie Beheer, 50%.

"The deal between GDF Suez, Lundin, and Essent marks a new collaboration with an important operator and the first direct gas supplies contract with offshore producers," said Essent Trading Chief Executive Officer Paymon Aliabadi.

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