EurOil: ExxonMobil, Shell exit Dutch North Sea

Shell and ExxonMobil have withdrawn from the Dutch North Sea, announcing a deal on July 19 to sell their NAM Offshore joint venture to Canadian independent Tenaz Enery for $180mn. It marks yet another example of oil majors exiting the mature and high-tax North Sea region, with smaller independent players taking their place. 

The deal with Shell-ExxonMobil joint venture NAM is set to close in mid-2025 after it is cleared by regulators but will be backdated to the start of this year. It will give Tenaz practically all of NAM’s offshore exploration and production operations, including related pipeline infrastructure and onshore processing facilities in the Netherlands. The Toronto-listed company will pay three further forms of contingent payments for the assets based on their financial performance, exploration results and realised natural gas pricing. 

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