02:39 PM EDT, 07/18/2024 (MT Newswires) -- Shell (SHEL) and ExxonMobil ( XOM ) joint venture Nederlandse Aardolie Maatschappij agreed to sell NAM Offshore to Tenaz Energy ( ATUUF ) for 165 million euros ($179.8 million), Tenaz said Thursday.

The deal is expected to close mid-2025.

NAM Offshore is anticipated to produce nearly 11,000 barrels of oil equivalent per day, and generate 90 million euros in free cash flow based on current 2024 strip prices, the company said.

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