Fossil Energy – Gas Assets
Canada’s public energy company Tenaz Energy has acquired a private company holding interests in an offshore development on the border between the Dutch and German sectors of the North Sea.
Purchase price was US$244 million ($339 million), comprised of US$232 million ($323 million) in cash and US$12 million ($17 million) in Tenaz common shares, with contingent consideration of up to US$60 million ($83 million) based on the success of future exploration prospects.
Net production from the assets is estimated to be 3,200 boe/d (99% TTF natural gas) during 2025, increasing to approximately 7,000 boe/d during 2026.
As disclosed by Tenaz, the acquisition of the issued and outstanding shares of an undisclosed private company grants it access to the Gateway to the Ems (GEMS) project. ONE-Dyas is the project operator, with EBN and Eni as partners in the Netherlands and Germany, respectively.
The GEMS assets comprise five licenses described as highly prospective, three in the Netherlands and two in Germany. They cover 1,811 square kilometers at an average distance of 30 kilometers offshore in a water depth of around 25 meters.
Dutch licenses are N4/N5/N8 blocks production license (27%), N7c block production license (22.5%), and 4Quads block exploration license (45%). Both German licenses are extraction and exploration licenses, for H&L blocks (27%), and Geldsackplate (45%).
The assets include the currently producing N05-A platform in Dutch waters, installed in August 2024, with a nameplate capacity of 225 MMcf/d before future expansion. This platform is tied into the NGT offshore gas gathering system, in which Tenaz already has an interest, via a pipeline.
Production from the N05-A platform began in March 2025 from the highly prolific N05-A-01 well, in which Tenaz has a 33.3% working interest. The platform is in Netherlands waters, with the N05-A pool unitized across the Netherlands-German maritime border. The well is currently the highest producing rate well in the Netherlands.
In addition to the prolific N05-A field, the assets include two discovered and tested fields assigned Proved Undeveloped Reserves, four fields with discovered gas that have been assigned Contingent Resources due to uncertainty around timeline to development, and 14 exploration prospects which have been assigned Prospective Resources.
