Shell, Exxon in Talks to Sell Dutch Venture to Tenaz Energy

Shell Plc and Exxon Mobil Corp. are in discussions to sell their NAM oil and gas joint venture in the Netherlands to Canadian firm Tenaz Energy Corp., according to people with knowledge of the matter.

While Tenaz has prevailed in the auction, North Sea-focused Viaro Energy Ltd. is the second preferred bidder should talks with the Canadian buyer break down, the people said. The owners are keeping the option of having other bidders like Viaro in case Tenaz fails to secure financing, they said.

Both Exxon and Shell have been selling older assets in higher-cost basins in favor of larger ...