GDF Suez Gets NPD Nod for North Sea Drilling

- GDF Suez Gets NPD Nod for North Sea Drilling

Wednesday, August 31, 2011
Norwegian Petroleum Directorate
by SubseaIQ

The Norwegian Petroleum Directorate has granted GDF Suez Norge AS a drilling permit for well 7124/4-1 S, cf. Section 8 of the Resource Management Regulations.

Well 7124/4-1 S will be drilled from the Aker Barents drilling facility at position 71°35'16.16" north and 24°5'56.84" east after completing the drilling of wildcat well 6508/1-2 for Det Norske Oljeselskap ASA in production license 482.

The drilling program for wellbore 7124/4-1 S relates to drilling a wildcat well in production license 530. GDF Suez Norge AS is the operator with a 30 percent ownership interest. The other licensees are Rocksource ASA (20 percent), Front Exploration AS (20 percent), North Energy ASA (20 percent) and Repsol Exploration Norge AS (10 percent).

The area in this license consists of the blocks 7123/6 and 7124/4. The well will be drilled about 100 kilometers north of Hammerfest and about 70 kilometers northeast of the Goliat field.

Production license 530 was awarded in the 20th licensing round. This is the first well to be drilled in the license.

The permit is contingent upon the operator securing all permits and consents required by other authorities prior to commencing drilling activity.

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CIC Negotiating for GDF SUEZ E&P Stake

- CIC Negotiating for GDF SUEZ E&P Stake

Tuesday, August 30, 2011
China Investment Corporation

China Investment Corporation (CIC) and GDF SUEZ on Aug. 10 signed a Memorandum of Understanding for cooperation across multiple businesses (gas, power, water and waste, and energy efficiency services) and regions (in particular in Asia Pacific).

As the first milestone of this cooperation, CIC is in advanced exclusive talks with GDF SUEZ regarding a USD 3.15 billion minority investment in the exploration & production division of GDF SUEZ (“GDF SUEZ E&P”). GDF SUEZ E&P accounted for 2.6% of GDF SUEZ’s aggregate revenues in 2010, 10% in EBITDA terms. CIC will own 30% of GDF SUEZ E&P. As part of the transaction, CIC would also acquire GDF SUEZ’s stake in the Atlantic LNG liquefaction plant located in Trinidad and Tobago for an amount of USD 850 million.

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GDF Suez Takes ExxonMobil's Stake Offshore Norway

- GDF Suez Takes ExxonMobil's Stake Offshore Norway

Thursday, July 28, 2011
GDF Suez

GDF Suez announced an important milestone in the development of its portfolio of exploration & production assets. The operations are located in a mature area in Norway.

The Group acquired an additional 20% share in the offshore Njord field and in Noatun discovery in Norway, from ExxonMobil Exploration & Production Norway AS. GDF Suez E&P Norge AS therefore becomes the first shareholder in this license with a 40% interest, alongside Statoil (20%, operator), E.ON Ruhrgas (30%), Faroe Petroleum (7.5%) and VNG (2.5%).

Jean-Marie Dauger, Executive Vice President of GDF Suez, in charge of the Global Gas & LNG Business Line, explained, "These [...] operations highlight the GDF Suez E&P's strategy and successful implementation: a balanced portfolio with a strong presence in mature areas, such as Njord in Norway."

The Njord area in the Norwegian Sea is very active. The North-West Flank which is part of the Njord license is currently being drilled from Njord whilst the fast track development Hyme (ex Gygrid) recently approved by the Ministry of Petroleum and Energy will be tied back to and processed at the Njord facilities. The start of the Low Pressure Production project on the Njord field in 2013 will increase the recovery rate and extend the life of the field, in production since 1997. Entered in the licence late 2000, GDF Suez intends to speed up development of other discoveries in this area, thus expanding the life time of the Njord platform then used as a hub for the area. The transaction is subject to approval from the Norwegian Authorities.

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