Canada’s Tenaz buys key player in Dutch North Sea

Netherlands

ASSEN, July 18, 2024 – Tenaz Energy has agreed to buy NAM Offshore, a key player in the Dutch North Sea, for around EUR 165 million, the Canadian E&P player said on Thursday.

The deal involves a base consideration of EUR 165 million prior to closing adjustments and contingent payments and is expected to close by mid-2025.

NAM was formed as a 50-50 joint venture between Shell and ExxonMobil and, with a portfolio of shallow-water North Sea assets, is expected to produce around 11,000 boepd in 2024.

NAM is also the operator of the Groningen onshore field, which, with 2.8 tcm of natural gas reserves, is one of the world’s largest gasfields. However, the field is anticipated to be closed this year to limit local seismic risks.

Tenaz is an E&P player that targets acquiring assets in Europe, MENA and South America. At present, it has domestic operations in Canada along with offshore natural gas assets in the Netherlands.