French utility GDF Suez (GSZ.FR) said Monday that it has acquired a 20% interest in an exploration and production license in Libya for oil and gas, another step in its strategy of more than doubling its own reserves.
"Through the recent acquisitions in the Netherlands, Azerbaijan and the swap of assets with Eni SpA (E) involving upstream assets in the U.K., Gulf of Mexico, Egypt and Indonesia, GDF Suez continues to grow in the exploration and production business," said Jean-Marie Dauger, executive vice president in charge of global gas and liquefied natural gas, in a statement.
GDF Suez "will be in a position," Dauger said, to attain its medium-term target of increasing reserves to 1.5 billion barrels of oil equivalent from 670 million barrels.
"By diversifying its portfolio, GDF Suez is strengthening its position as a major gas supplier for its customers and its electricity generation fleet," he added.
GDF Suez acquired the stake from Greece's Hellenic Petroleum SA (ELPE.AT) for an undisclosed consideration.