Natural Gas Project in the North Sea: GvW advises Tenaz Energy on Acquisition of Interest in the GEMS Project

GvW Graf von Westphalen has advised Tenaz Energy Corp. on the German aspects of the acquisition of a private company with interests in the Gateway to the Ems ("GEMS") project on the boundary of the Dutch and German sectors of the North Sea. The purchase price amounted to USD 244 million.

The GEMS properties consist of five highly prospective licenses, three in the Netherlands and two in Germany, covering 1,811 km2 at an average distance of 30 km offshore in water depth of approximately 25 m. Assets include the currently producing N05-A platform, installed in August 2024, with a nameplate capacity of 225 MMcf/d before future expansion. This state-of-the-art platform is tied into the NGT offshore gas gathering system, in which Tenaz has pre-existing equity ownership, via a 13 km 20" pipeline. In addition to the prolific N05-A field, the assets include two discovered and tested fields assigned Proved Undeveloped Reserves, four fields with discovered gas that have been assigned Contingent Resources due to uncertainty around timeline to development, and 14 exploration prospects which have been assigned Prospective Resources.

Tenaz Energy Corp. is an energy company focused on the acquisition and sustainable development of international oil and gas assets. It is the largest producer in the Dutch sector of the North Sea and develops crude oil and natural gas at Leduc-Woodbend in Alberta (Canada).
  
Under the lead of Hamburg based partners Dr. Ritesh Rajani (Corporate/M&A) and Corinna Lindau (Environmental and Planning Law), Tenaz Energy Corp. was advised by a team consisting of partners Dr. Andreas Wolowski and Saskia Soravia (both Environmental and Planning Law; Hamburg), Dr. Maximilian Emanuel Elspas (Energy Law; Munich) and associates Maximilian Andersen (Corporate/M&A; Hamburg), Dr. Stefanie Raissa Ramsauer and Patrick Klafke (both Environmental and Planning Law; Hamburg), Juliane Hofmann (Environmental and Planning Law; Berlin) and Tobias Lang (Energy Law; Munich).

Tenaz was advised in Canada by the Canadian law firm Torys who established the link to GvW on this matter through Munich based partner and head of our Energy practice Dr. Maximilian Emanuel Elspas.