The sale has an effective date of July 1, 2003 and is subject to government consent and approval by EBN (Energie Beheer Nederland B.V.). It is expected that the transaction will be finalized by the end of 2003, upon which the assets will be formally transferred to Gaz de France Dutch subsidiaries. Until that moment NAM and its employees will remain responsible for all operations. The transaction will have no direct effect on NAM staff involved.
The sale is part of NAM's drive to rationalize its portfolio and selectively divest assets that not fit NAM's core business. Upon completion of this sale, NAM will have divested all of its offshore "Carboniferous acreage and fields" in the Dutch sector of the Continental Shelf. NAM remains fully committed to Dutch small fields policy of The Netherlands and continues to be the largest natural gas producer in The Netherlands, both offshore and onshore.
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