TAQA Cashes in on Shell, ExxonMobil's UK North Sea Assets

Shell U.K. Limited (Shell), Esso Exploration and Production UK Limited, (ExxonMobil), Mobil North Sea LLC (ExxonMobil) and Enterprise Oil U.K. Limited (Shell) have completed the final sale and transfer of a number of northern North Sea assets to TAQA Bratani Limited, a wholly owned subsidiary of Abu Dhabi National Energy Company PJSC (TAQA).

The assets include equity and operatorship of Tern, Kestrel, Eider, Pelican, Cormorant North and South Cormorant fields (TENC-CA) and related infrastructure, a non-operated interest in Hudson, and equity interests in the Sullom Voe Terminal and Brent System.

TAQA Bratani will assume responsibility for the decommissioning liabilities relating to these fields and infrastructure.

This concludes the transaction for which, Sale and Purchase Agreements were signed between the parties on 7th July 2008.

TAQA has appointed John Wood Group PLC (Wood Group) as their initial operating and maintenance contractor and initial Duty Holder.

A total of 133 Shell staff transferred employment to TAQA Bratani Limited in accordance with the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) as of December 1, 2008.

Tom Botts, Executive Vice President, Shell Exploration & Production in Europe, said, "Active management of our assets is a key part of Shell's portfolio-based strategy. At Shell, we are committed to focus on where we can best use our people, capital and technologies, for competitive long-term returns. On a global basis Shell remains committed to Europe and the North Sea as a core business area and holds a key strategic position in security of energy supply to the UK."

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