TAQA Takes Stakes in North Sea

Abu Dhabi National Energy Company PJSC (TAQA) announced two farm-in agreements with a subsidiary of Fairfield Energy Limited (Fairfield) for oil and gas licenses in the UK North Sea.

The agreements will result in TAQA Bratani Limited, a wholly owned subsidiary of TAQA, acquiring a 50% interest in licenses P184, P474 and P1634 which include the Darwin oil discovery and prospective exploration acreage south of Darwin in consideration for TAQA undertaking a work program on the licenses and making a cash payment to Fairfield. The licenses are located next to the TAQA operated North Cormorant and Pelican fields in the Northern North Sea and cover blocks 211/27a, 211/27c and 211/27e.

Leo Koot, managing director of TAQA Bratani Limited said, "These licenses are located adjacent to our existing core infrastructure and represent an excellent opportunity for TAQA to expand its footprint in the Northern North Sea. Darwin has very exciting exploration and development potential and we look forward to working with Fairfield to appraise the opportunity. The activity that will result from this transaction and other agreements we have entered into during the past year speak directly to our long-term commitment to the region."

The transactions are subject to government and certain third party approvals and are expected to complete in the coming months.