The FINANCIAL — Suncor Energy on June 14 announced that, together with an affiliate, it has reached an agreement to sell all of its shares in Petro-Canada Netherlands B.V. to Dana Petroleum plc for €445 million (Cdn $582 million including hedging gains), with an effective date of January 1, 2010.
Petro-Canada Netherlands B.V. has operated interests in eight offshore production and exploration licenses in the Dutch sector of the North Sea, including the operated De Ruyter (54% working interest) and Hanze (45% working interest) producing oil fields. Current production is approximately 12,000 barrels of oil equivalent per day net to Suncor. In addition, Petro-Canada Netherlands B.V. has interests in 13 non-operated offshore production and exploration licenses, primarily containing gas assets. It also has a small non-operated onshore position in The Netherlands, which includes interests in the Alkmaar PGI Gas Storage facility.
According to Suncor Energy, the sale is expected to close in the third quarter of 2010 and is subject to closing conditions and regulatory approvals typical of transactions of this nature.
As part of its strategic business alignment, Suncor is continuing with plans to divest of a number of non-core assets. Announced sales to date include all oil and gas producing assets in the United States Rockies, non-core natural gas properties in Western Canada and all Trinidad and Tobago assets. Remaining proposed divestments include certain natural gas assets in Western Canada and non-core North Sea assets.
To date, including the sale announced today, Suncor has reached agreements to divest of non-core assets for aggregate consideration of approximately $2.1 billion.