TAQA Completes Acquisition of North Sea Assets

Abu Dhabi National Oil Company (or TAQA) announced at the weekend that it has completed the acquisition of various UK North Sea oil and gas assets from BP.

TAQA reported that it will now take over as operator of the Harding field and production platform in the central North Sea, complementing its existing assets in the northern North Sea. The acquisition is expected to add 20,000 barrels of oil equivalent per day to the firm's production.

TAQA CEO Carl Sheldon commented in a company statement:

"We are delighted to announce the completion of this acquisition which extends the average life of our UK reserves and opens up a bright future for our North Sea business. This investment is a great strategic fit for TAQA."

TAQA paid $1.1 billion for the assets, which were acquired from BP under an agreement signed in November 2012. 

TAQA said that, as a result of the acquisition, it now has interests in the Harding, Morrone and Maclure fields, while the transaction has also increased TAQA's interests in the Brae area, the SAGE gas pipeline and the Forties-Brae and Forties-Braemar oil pipelines.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Hurricane Spuds North Sea Halifax Well... (Jan 16)
 -  Inpex, ADNOC Agree to Extend Offshore ... (Jan 16)
 -  Jesse Norman to Take on Full Energy Br... (Jan 13)
 -  CNOOC Starts Penglai 19-9 Output (Jan 13)
 -  Report: CHC to Shut Down Bergen Base, ... (Jan 13)


Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Director - Midstream Services
Expertise: Business Development|Operations Management
Location: Houston, TX
 
United States Houston: Senior Product Champion
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
United States Houston: Engineering Project Manager
Expertise: Project Management
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.45/BBL 0.99%
Light Crude Oil : $52.37/BBL 1.20%
Natural Gas : $3.42/MMBtu 0.88%
Updated in last 24 hours