GDF Suez strengthens stake in Norwegian North Sea

Offshore staff

PARIS – GDF Suez E&P Norge has acquired from ExxonMobil Exploration & Production Norway an additional 20% in the Njord field and Noatun discovery offshore Norway.

The transaction raises GDF Suez’s interest in the Njord license to 40%. Statoil is operator, with 20%, in partnership with E.ON Ruhrgas (30%), Faroe Petroleum (7.5%), and VNG (2.5%).

Njord’s northwest flank currently is under development via wells drilled from the Njord platform. And the Hyme discovery is also being be tied back to the Njord facilities.

In 2013, the start of the low pressure production project on Njord will increase the rate of recovery rate and extend the life of the field, which has been in production since 1997.

GDF Suez, which entered the license in late 2000, plans to speed up development of other discoveries in this area, expanding the lifespan of the Njord platform for use as a hub.

07/29/2011



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