Newly formed GdF Suez outlines 2008-10 spending plans

Oct 15, 2007 02:00 AM

Anticipating the close of their announced merger to take place in 2008's first half, Gaz de France and Suez have outlined their global development strategy for 2008-10 in France, Belgium, and elsewhere backed by a EUR 10 bn/year capital spending program.
The newly formed GdF Suez plans to spend EUR 1-1.5 bn on exploration and development. The merged firms plan to expand their combined proved and probable reserves to 1.5 bn boe from 685 mm boe at yearend 2006.

GdF Suez also will boost its LNG business through integrated LNG projects, it said, aiming to increase contracted LNG supply volumes by 30 %.
A further EUR 1.5-2 bn will be used to develop infrastructures to back up growth in Europe's energy market.

Regasification capacities in France and Belgium will be increased to 44 bn cmpy by 2013, up from 24 bn cmpy at yearend 2006.
This increase will be achieved mainly with the Fos Cavaou terminal, due to come on stream in 2008, as well as the expanded capacities of Zeebrugge and Montoir-de-Bretagne terminals.

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