2009-08-15-2008-11-01

To acquire 30-60% in 5 producing fields along Nogat pipeline in the Dutch North Sea, gaining 3.3 MMBOE/y.

GDF Suez, Paris, (Euronext: GSZ) plans to acquire certain Dutch North Sea assets from The Netherlands-based Nederlandse Aardolie Maatschappij BV (Nam), which is owned by Royal Dutch Shell, The Hague, The Netherlands (NYSE: RDS-A) and ExxonMobil Corp., Irving, Texas, (NYSE: XOM) for US$1.47 billion. The package includes working interests ranging from 30% to 60% in five producing fields along the Nogat pipeline. Equity production is 3.3 million barrels of oil equivalent per year. The assets also include a 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, and a 30% participation in Nogat BV, a company that owns and operates the Nogat gas transportation system. Several Nam staff currently supporting the offshore operations of these assets are planned to transfer to GDF Suez. GDF Suez executive vice president Jean-Marie Dauger says, "With this acquisition, GDF Suez reinforces its strong position in the Netherlands and becomes the largest E&P operator in the Dutch sector of the North Sea. GDF Suez is achieving a new step toward the medium-term objective of detaining proved and probable reserves of 1.5 million barrels of oil equivalent for the group. This transaction has significant growth potential and will increase our medium-term resources in the Netherlands 30%." GDF Suez's affiliate ProNed operates in the Dutch North Sea and the NGT system, and the company feels it is well placed to generate additional value for the Nogat pipeline system. Nam managing director Roelf Venhuizen says, "I am confident that the Nam staff which are planned to transfer to GDF Suez, will have a good future with their new employer and I am pleased that GDF Suez will continue to explore the opportunities of these assets. This divestment is a logical step in our long-term strategy and Nam will continue to make very sizeable investments in its on- and offshore portfolio, such as the redevelopment of the Schoonebeek oil field and in the L9 and JDA offshore areas."