NAM Puts Dutch Licences Under the Hammer

Dutch oil exploration company Nederlandse Aardolie Maatschappij (NAM) is selling a number of its offshore licences on the Dutch continental shelf.

NAM - which is jointly owned by UK and US supermajors Shell and ExxonMobil - says it will divest its oil and combined oil and gas producing fields in the North Sea.

"The divestment of the mentioned fields and facilities is completely aligned with NAM's long-term strategy and as they are in a mature phase of their life cycle, they may have more value to third parties than to NAM," says NAM managing director Roelf Venhuizen.

The facilities are all interconnected by the NOGAT natural gas pipeline which NAM will also sell its share in.

The sale does not mean NAM will discontinue its North Sea operations, say Shell.

The divestment is not expected to lead to a reduction in overall employment.

By Ozge Ibrahim