LONDON (ShareCast) - Venture Production (LSE: VPC.L - news) , the Aberdeen-based oil and gas production company that is rumoured to be
in the sights of gas supplier
Centrica (LSE: CNA.L - news) , has bought a small stake in Dutch private company NOGAT.
Venture is paying €9m cash for a 1.8% stake in NOGAT currently held by Lundin Petroleum (Stockholm: LUPE.ST - news) .
NOGAT owns the NOGAT pipeline and onshore gas processing terminal at Den Helder. The acquisition of the stake will ensure that future production from Venture's F3-FA, A15a and B17a discoveries will pay a reduced export tariff which will enhance field economics.
Additionally, these fields will enjoy priority access to capacity in the NOGAT system.
“'This transaction will materially enhance the economics of several of our undeveloped Dutch gas discoveries, including the F3-FA development that is already under way,” chief executive Mike Wagstaff said.
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