Posted by: zanshin, 2009-07-03 03:21

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Dutch GasTerra extends long-term gas deal with GDF Suez

2009-06-15 (Monday), Platts
London -- Dutch marketer GasTerra and France's GDF Suez have extended their natural gas sale and purchase agreement through to 2029, the companies said Monday.

The gas will form about 15% of GDF Suez's gas supply portfolio in coming years, GDF Suez said.

On its web site GDF Suez notes that it has "a supply portfolio of more than 100 billion cubic meters," suggesting the deal could cover 15 Bcm/year or more.

"This new agreement reinforces our long-term relationship with GasTerra.
Natural gas from the Netherlands makes a leading contribution to the security of gas supplies for western Europe," said GDF Suez's CEO Jean-Francois
Cirelli.

"The identified gas reserves in the Netherlands ensure the availability of a supply on a long-term basis and a portfolio diversification for GDF
Suez," he continued.

The Dutch state has a 50% in GasTerra while Anglo-Dutch major Shell andUS ExxonMobil each hold a 25% stake. GasTerra said GDF signed a contract with
Dutch Gasunie--as it was then known--in 1967, and its extension will bring indozens of billions of cubic meters over the next 20 years.

The gas will come from the Groningen field, GasTerra also said, implying a high seasonal swing factor. GasTerra would not reveal the average volume
when asked.

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