Feb 12, 2010 | Amsterdam Nuon gives up interest in British gas fields
Nuon is pulling out of the announced participating interest in the British gas fields of Venture Production PLC. The participating interest was announced in June 2009 and covered 1.4 bln m3 of natural gas. Nuon decided to pull out after Venture had made unilateral changes to the conditions for the participating interest.
This position led to a dispute and Venture took action in the British courts, which ruled on 10 February 2010 that the changed conditions are so detrimental to Nuon’s position that giving up the participating interest is justified.
Building a strong position on the gas market is one of the Nuon’s spearheads in the years ahead. Purchase of or participation in projects is therefore being critically examined. Nuon is now looking for new opportunities.
One of the ways in which Nuon is strengthening its position on the gas market is by taking a participating interest in gas fields. For example, in June 2008 Nuon purchased 100% of the shares in Burlington, thereby acquiring an interest in 35 gas fields. The stake in two of these gas fields was enlarged in 2009.