TAQA Completes Acquisition Of North Sea Assets From Shell And Esso

abarrelfullabarrelfull wrote on 16 Jan 2013 07:28

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02 Dec 2008

ABU DHABI, UAE, and ABERDEEN, UK – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange, announced today that its wholly owned subsidiary, TAQA Bratani Limited (TAQA Bratani), has completed its $631 million acquisition of seven oil fields from Shell U.K. Limited and Esso Exploration and Production (UK) Limited.

The sale includes 100% interest and operatorship of the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields, and a combined 26.73% interest in the Dana operated Hudson field together with a 16% interest in the Brent System and a 24% interest in the Sullom Voe Terminal.
TAQA Bratani’s development program consists of a capital expenditure commitment of £500 million to be made over the next three years. In addition, TAQA Bratani will assume responsibility for the future decommissioning liabilities relating to these fields.

Commenting on the acquisition, Peter Barker-Homek, TAQA’s chief executive officer, 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 today 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. However, the value of the people we now have within our group as a result should not be underestimated. More than three decades of the North Sea oil and gas industry has created a concentrated workforce with world class skills and a depth of experience which we intend to draw from as we seek to increase our European asset base and workforce.”

TAQA has engaged Wood Group Engineering (North Sea) Ltd, a subsidiary of John Wood Group PLC (“Wood Group”), for the provision of operating and maintenance activities and to act as Duty Holder for TAQA’s offshore assets in the Northern North Sea. TAQA plans to assume the role of Duty Holder for these assets within 9 to 18 months, with Wood Group continuing to be TAQA’s operating and maintenance contractor.

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