Taqa announces $631mn deal for oil fields

by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 02 December 2008

OIL DEAL: Taqa Bratani has completed a $631 million deal to purchase seven oil fields. (Getty Images - for illustrative purposes only)

A subsidiary of the Abu Dhabi National Energy Company (Taqa) has completed a $631 million acquisition of seven oil fields from Shell UK Limited and Esso Exploration and Production (UK) Limited.

Taqa announced on Tuesday that its wholly owned subsidiary, Taqa Bratani Limited had signed a deal to take a 100 percent interest and operatorship of the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields.

The agreement also included a combined 26.73 percent interest in the Dana operated Hudson field together with a 16 percent interest in the Brent System and a 24 percent interest in the Sullom Voe Terminal.

Story continues below ↓

TAQA Bratani has also committed $743 million to a development programme over the next three years and will assume responsibility for the future decommissioning liabilities relating to the fields.

Commenting on the acquisition, Peter Barker-Homek, TAQA’s CEO, said: “The completion of this transaction is another important milestone for our company.

"TAQA is now an important producer in the UK North Sea and will play a significant role in its future; driving development, creating employment and stimulating prosperity in the area.

“The financial commitment we are making will extend the productive life of these fields and, when combined with our existing UK and Dutch North Sea base, brings us one step closer to our strategy of building a diverse global portfolio of energy businesses across the value chain.

“These assets are undoubtedly a great addition to our existing operations and provide TAQA with scale.”

For news updates sign up for our newsletter

READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.

Name *

Remember me on this computer

Email *

(Your email address will not be published)

City

Country

Subject *

Comment *

Notify me of further comments