2010-06-21-2010-06-16

To buy eight operated and 13 nonop offshore licenses in the Dutch sector of the North Sea.

Canadian E&P company Suncor Energy Inc., Calgary, (NYSE, Toronto: SU) reports that the company and its affiliate have agreed to sell all of its shares in Petro-Canada Netherlands BV to Dana Petroleum Plc, Aberdeen, (London: DNX) for C$582 million, including hedging gains.

The assets comprise eight offshore licenses in the Dutch sector of the North Sea, including Petro-Canada's operated De Ruyter and Hanze producing oil fields, in which the company holds 54% and 45% working interests, respectively. Current net production is approximately 12,000 barrels of oil equivalent per day.

As well, Petro-Canada has nonoperated interests in 13 offshore licenses, primarily containing gas assets, and a nonoperated offshore position in The Netherlands, which includes a stake in the Alkmaar PGI Gas Storage facility.

Suncor anticipates selling additional noncore assets in Western Canada and the North Sea. The company's announced sales include its producing oil and gas assets in the Rockies region, its gas properties in Western Canada and its assets in Trinidad and Tobago. Suncor's noncore divestments have a combined price of $2.1 billion.

The deal is expected to close in third-quarter 2010. The effective date is Jan. 1.

Suncor primarily focuses on developing the Athabasca oil sands in Canada. Dana Petroleum primarily holds offshore interests in the UK and Norwegian sectors of the North Sea and onshore interests in Egypt.