Tenaz Energy to Acquire NAM Offshore Assets for $180 Million

20 Jul, 2024

Tenaz Energy to Acquire NAM Offshore Assets for $180 Million

Canada's Tenaz Energy (TNZ.TO) announced it will acquire NAM Offshore B.V., a subsidiary of Nederlandse Aardolie Maatschappij, in a $180.33 million deal. NAM, a joint venture between Shell (SHEL.L), ExxonMobil (XOM.N), and the Dutch government, is known for operating the Groningen gas field in the Netherlands.

This acquisition includes NAM's offshore exploration and production assets, associated pipeline infrastructure, and onshore processing facilities, excluding the Ameland area assets. Set to close in mid-2025, the transaction will make Tenaz the second-largest operator in the Dutch North Sea. NAM Offshore is expected to produce approximately 11,000 barrels of oil equivalent per day, with 99% being natural gas, and generate around 90 million euros ($98.36 million) in free cash flow in 2024.

The gas is sourced from the L02/L09 fields in the Dutch North Sea and processed at the Den Helder Gas Plant, which handles about 50% of the region's gas.