GDF Suez May Raise Funds for Exploration, Unconventional Activities

GDF Suez SA, is studying a plan to sell shares or a minority stake in its oil and gas production business, according to Bloomberg.

The operator of Europe’s largest natural-gas network, has said it is seeking to raise crude oil and gas reserves to 1.5 billion barrels of oil equivalent, mainly through external growth. The stake sale could be a way to raise cash to reduce debt and for investment in exploration and production projects, one of the people said.

GDF Suez wants to develop technical expertise in unconventional and tight gas in Europe, including Germany and eastern Europe, vice-chairman Jean-Francois Cirelli said in May. The company has a shale gas exploration permit in southern France.