Nuon has acquired 100% of the share capital of Burlington Resources Nederland Petroleum B.V. (BRN) from ConocoPhillips effective January 1, 2008. With this transaction, Nuon becomes shareholder in 35 gasfields in the Dutch North Sea as well as gas pipelines and processing facilities. The acquisition fits Nuon’s strategy to diversify and strengthen its gas sourcing.
The acquisition of BRN is a significant step for Nuon in becoming a more integrated company across the gas and power value chain. It adds the essential gas production capabilities to Nuon’s already existing gas trading, wholesale and retail activities.
The acquisition constitutes an enterprise value of EUR 443.4 million, plus other adjustments resulting in a total transaction value of EUR 476.7 million. Merrill Lynch acted as financial advisor to Nuon in this transaction.
BRN is an exploration and production company with a diversified portfolio including gas production, development, transportation and processing infrastructure. BRN holds upstream interests in 35 fields on the Dutch North Sea shelf, of which 28 are located in the Joint Development Area (“JDA”).
In addition to the fields, BRN holds interests in the Westgastransport Pipeline and Pipeline Extension, as well as in 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.
All of BRN’s producing fields are connected to the Dutch gas grid with gas landing at the onshore Den Helder facility.
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