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Tue 2 Dec 2008 01:01 PM

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Taqa announces $631mn deal for oil fields

Abu Dhabi company's subsidiary completes purchase of seven fields in the North Sea.

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.

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.”

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