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.
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