This participation is held through a 22.5% shareholding in EFOG, a joint-venture between GDF SUEZ and Total E&P UK Ltd (77.5%, operator), which holds a 46.2% stake in the Elgin-Franklin fields located in the United Kingdom North Sea.
This interest contributed 5.5 million barrels of oil equivalent (Mboe) to the natural gas and hydrocarbons production of GDF SUEZ for the financial year 2010.
The offer by Eni values GDF SUEZ stake in EFOG at €590 million1. The transaction is expected to be completed by the end of 2011, subject to the satisfaction of certain conditions.
This transaction is part of the Group’s portfolio optimization program of €10 billion, announced at the 2010 annual results presentation.
1 Enterprise value.
About GDF SUEZ
GDF SUEZ develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,350 people worldwide and achieved revenues of €84.5 billion in 2010. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.
Investor relations contact:
T: +33 (0)1 44 22 66 29 / E: ir[.]gdfsuez.com.