GDF Suez Explores Stake Sale

GDF Suez SA, operator of Europe’s largest natural-gas network, is reportedly studying a plan to sell shares or a minority stake in its oil and gas production business, according  to a recent Bloomberg report. According to Bloomberg, which cited “three people with knowledge of the situation,” GDF Suez may soon hire an investment bank to manage an IPO or help find a buyer for the stake.

The news agency sought comment from the company, but a company spokesperson reportedly declined comment.

GDF Suez is operator of the North Sea Gjoea field, estimated to hold 82 million barrels of oil and condensate and 40 billion cubic meters of gas. GDF holds a 30 percent stake, Statoil ASA 20 percent, Petoro AS 30 percent, Royal Dutch Shell Plc 12 percent and RWE AG 8 percent.  (www.bloomberg.com)