NAM to Divest Several Offshore Assets
The fields and facilities to be divested are located in an area of the North Sea to the northwest of Den Helder and are interconnected by the NOGAT pipeline, through which natural gas is transported to the NAM operated processing plant at Den Helder. NAM also intends to divest its share in NOGAT.
The intended transfer of ownership is part of NAM’s long-term strategy. This step will not lead to a reduction in overall employment, due to the fact that this will occur within the framework of the Netherlands Transfer of Undertakings Act (Wet Overgang Ondernemingen, WOO), safeguarding the employment of the 20-30 staff involved. Consultations regarding the sale are presently ongoing with the NAM Staff Council.
"Like every healthy company, we regularly review our portfolio to ensure that the assets we own fit our company strategy," said NAM Managing Director Roelf Venhuizen. "The NAM of course will continue to operate the Groningen-field. Further we will continue to produce and develop our small-fields portfolio for as long as we can add value. The divestment of the mentioned fields and facilities is completely aligned with NAM’s long-term strategy and as they are in a mature phase of their life cycle, they may have more value to third parties than to NAM."
The intended sale does not imply that NAM will discontinue its North Sea operations, as is evidenced by the fact that NAM continues to make substantial investments in its offshore activities. An example is the current further development of the L9 block, involving a total investment of several hundred million Euros.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally