Supermajors' exit opens new investment and OSV, rig opportunities

“This major deal represents a crowning achievement of Viaro’s strategic vision in the North Sea to date,” said Viaro Energy chief executive Francesco Mazzagatti.

“We have long emphasised our commitment to the UK North Sea. While we have certainly encountered more than a few challenges to realise our initial strategy, it is deals like this that make it evident why it is a worthwhile long-term investment.”

Gas distributed from the Bacton terminal is used to generate around 40% of Britain’s electricity. Viaro said there is potential for the terminal to become a producer of hydrogen and it could play a role with carbon capture storage (CCS) and offshore wind developments.

“Shell and ExxonMobil’s southern North Sea portfolio is not only the backbone of the UK’s energy production and security, but it also represents one of the best strategically placed solutions that have the potential to play an important role in the energy transition,” said Mr Mazzagatti.

“With strong potential for windfarm synergies, electrification of upstream assets, CCS and hydrogen supply, this acquisition fits Viaro’s ongoing and planned activities across the energy sector perfectly.”

Tenaz Energy is acquiring NAM’s exploration and gas production activities in the Dutch sector of the North Sea, with the exception of gas extraction near and on Ameland. 

“We are delighted to invest in the revitalisation and sustainability of the Netherlands energy industry” 

This includes gas fields, platforms and pipelines at sea and the gas treatment installation in Den Helder, the Netherlands.

“With this sale, we conclude our 60 years of offshore activities,” said NAM director Martijn van Haaster. “With Tenaz Energy as the new owner and operator, a positive impulse will be given to the desired acceleration of offshore gas production.”

Following the deal, NAM will continue producing gas from under the Wadden Sea and Ameland, increase oil from around Rotterdam and Schoonebeek, operate gas storage facilities in Norg and Grijpskerk, and decommission around 800 onshore wells and 1,750 km of pipeline over the next 10 years.

“This acquisition is an important step in our strategy of securing value-enhancing acquisitions that have substantial organic investment opportunities.

Tenaz intends to invest in the acquired gas fields and production assets, incorporating six hubs and two main production areas.

“We are delighted to invest in the revitalisation and sustainability of the Netherlands energy industry,” said Tenaz president and chief executive Anthony Marino.

Tenaz believes there is significant opportunity for reinvestment, with several years of workover and optimisation projects, at least 30 potential development drilling locations and more than 80 exploration leads and prospects on this extensive offshore licence base.

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