Natural gas company NAM is in exclusive talks with the French energy giant GDF Suez about the sale of its activities in the Dutch section of the North Sea for around €1bn.

The transaction involves exploration, production and the transport of gas and oil including a 30% to 60% stake in five fields which have an annual production of the equivalent of 3.3 million barrels of oil.
Announcing the deal on Friday, the French company said its aim is to strengthen its position in the Netherlands. ‘It offers us significant growth potential and will increase our reserves in the Netherlands by 30%,’ said GDF Suez executive Jean-Marie Dauger.
The sale is subject to regulatory approval, due diligence investigation and the agreement of the company’s supervisory boards.
NAM is jointly owned by Shell and ExxonMobil.