Energy company GDF Suez is in talks with Dutch oil company Nederlandse Aardolie Maatschappij BV (NAM) to acquire oil and gas assets in the North Sea.

The deal will cost the French company 1.075 billion Euros (£870,508,345 million) for the offshore and pipeline assets situated in the Dutch North Sea.

A 30 per cent stake in Nogat BV, a company that runs and owns a Dutch natural gas pipeline named Nogat, is also part of the deal.

Jean-Marie Dauger, executive vice-president of GDF Suez, claims that the acquisition will make the company "the largest exploration and production operator in the Dutch sector of the North Sea".

NAM currently produces 3.3 million barrels of oil equivalent per year from the assets that GDF Suez is hoping to acquire.

GDF Suez expects to gain 30 to 60 per cent in five producing fields from the agreement.

Royal Dutch Shell and ExxonMobil are the current owners of NAM.

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