ENGIE Diversifies Assets, Invests in Dutch North Sea
France-headquartered ENGIE is diversifying its portfolio with a series of investments in the last hours ranging from Australia to the Netherlands.
On Thursday, GDF SUEZ E&P Nederland completed a farm-in with Hansa Hydrocarbons Limited for a 30% interest in its 4Quads licences (blocks G18, H16, M3 and N1) in the Dutch North Sea.
“We are delighted to be partnering with GDF SUEZ E&P Nederland, the largest operator in the Dutch offshore sector. This transaction is an important validation of our technical work and an endorsement of our strategy of pursuing material prospectivity in a mature basin” John Martin, Hansa Hydrocarbon’s CEO, commented in a note released by Hansa Hydrocarbons.
EBN, the Dutch state entity, will become the main shareholder of the field with a 40% interest, while GDF SUEZ E&P Nederland and Hansa Hydrocarbons Limited will each hold a 30% interest in the licences.
Also on Wednesday, ENGIE completed the purchase of the totality of TSC Group Holdings from private equity group, Allegro Funds.
‘TSC operates businesses in the commercial and industrial heating, ventilating and air conditioning, refrigeration, mechanical, fire safety and security services sectors in Australia and New Zealand through the Trilogy Building Services, Spectrum Fire & Security and Cowley Services brands. With 600 employees, and a turnover of A$ 149 million, it is a significant player on the Australian market’ reads a note released by ENGIE.
The mix of investments in upstream and downstream, coupled with these new assets in energy-related fields, show how ENGIE intends to diversify its portfolio. Its likely investment in Nord Stream II project would complete the picture.
Meanwhile, on Tuesday, ENGIE signed its first retail LNG sales contract in the UK with FLOGAS Britain.
‘Over a period of 18 months, ENGIE will deliver 8,000 tonnes of LNG to FLOGAS Britain from Isle of Grain terminal (South-East coast of the UK). In total, 400 Flogas Britain trailers will be loaded to supply industrial companies that are not connected to the natural gas grid. Operations will start in the next few weeks’ the France-based company reported on its website.
Earlier this year, in July, ENGIE’s first showed that it took diversification seriously, reaching agreements with Russian, American and Japanese LNG players.