Venture Production Announces Acquisition of Shares in NOGAT B.V.

Tuesday, June 23, 2009

Venture Production plc, the Aberdeen headquartered UK independent oil and gas production company, announces that it has agreed to acquire Lundin Petroleum B.V.'s ("Lundin") entire 1.8% shareholding in NOGAT B.V. for a cash consideration of €9 million payable at completion.

NOGAT B.V. is a private company incorporated in the Netherlands. It owns the NOGAT pipeline and onshore gas processing terminal at Den Helder. Acquisition of Lundin's interest in these key Dutch infrastructure assets not only brings Venture a tariff income stream but also ensures that future production from Venture's F3-FA, A15a and B17a discoveries will pay a reduced export tariff which will enhance field economics. In addition, alongside other equity gas these fields will enjoy preferred access to capacity in the NOGAT system. The NOGAT pipeline is operated by GDF Suez on behalf of the shareholders of NOGAT B.V.

Completion of the transaction remains subject to pre-emption and regulatory and customary third party approvals. Completion is expected to occur during the third quarter of 2009.

Commenting on the news Mike Wagstaff, Chief Executive said:
"This transaction will materially enhance the economics of several of our undeveloped Dutch gas discoveries, including the F3-FA development that is already under way. We view NOGAT B.V. as a well-run and efficient business and the NOGAT pipeline is a major part of the Dutch offshore infrastructure. We see this as a modest but valuable step forward in the expansion of Venture's Dutch business."

Review all our latest Acquisitions and Mergers news

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Eight pieces of our oil price predicament
    A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so ...
  • Give us a break...
    I see that Oil & gas UK has been talking again about the need for George Osborne to ‘put his money where his mouth is’ (I paraphrase!) and change the fiscal terms operati ...
  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training


Opinions & Commentary

Oil price, Caza, and finally...

by Malcolm Graham-Wood

Read More »