‘Great deal of opportunity': Tenaz Energy's CEO discusses Netherlands natural gas acquisition
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A Calgary-based energy company is expecting the acquisition of a natural gas and petroleum company in the Netherlands to boost its organic growth and cash flow, according to it's CEO.
Tenaz Energy announced in a release earlier this month that it completed the acquisition of 100 per cent of the shares of NAM Offshore B.V. from Nederlandse Aardolie Maatschappij B.V., a joint venture between Shell PLC and ExxonMobil Corporation. The deal was initially announced in July of last year, delivering on Tenaz's stated mergers and acquisitions strategy to obtain high margin assets with high-capacity infrastructure.
Tenaz Energy President and CEO Tony Marino said in an interview with BNN Bloomberg Thursday that the assets have produced around 10,000 to 11,000 barrels of oil equivalent per day.
He said the acquired assets have been the NAM portfolio for their entire life and due to having only one owner, there hasn't been a 'gush of development' with relatively low reinvestment over the past 15 years.
'So, it leaves a great deal of opportunity for us to reinvest in well workovers and development drilling and exploration, in facility in compression projects to drive up production, we think at pretty low levels of capital investment,' he said.
'It's a low base decline, about a 10 per cent base decline, and as a result of that, with a quite large amount of development activity that's available, we think we can drive up production organically at the same time that we're throwing off free cash. And of course, that $17 per MCF (thousand cubic fee) gas price helps in generating free cash.'
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