Franco-Belgian group GDF Suez and Dutch oil company NAM are heading for exclusive talks aimed at securing the recently merged energy giant a €1.07 billion $1.52 billion) haul in North Sea assets.

Judging by company communiqués, the deal seems done: “With this acquisition, GDF SUEZ … becomes the largest E&P operator in the Dutch sector of the North Sea,” a GDF statement said.

The company said it bid for assets along the length of the NOGAT pipeline in the The Netherlands, including exploration acreage and production and parts of the pipeline itself.

A package could include working interests of from up to 60 percent in five producing fields, plus reserves, discoveries and “very promising exploration potential”.

GDF Suez would be securing 3.3 million barrels of oil equivalent per year and “participation” in the Dutch section of the A6-F3 pipeline, which transports gas from the German sector of the North Sea to the NOGAT pipeline system, as well as a 30 percent stake pipeline operator and owner NOGAT BV.

“GDF SUEZ is achieving a new step towards the medium-term objective of detaining 1 500 million boe 2P reserves for the Group,” Group executive vice president, Jean-Marie Dauger said in a statement, adding, “This transaction could enable GDF SUEZ to become operator of two out of the three major off-shore pipelines in the Netherlands”.

Tags: NAM