TAQA Secures North Sea Acreage from Shell, Esso
The Abu Dhabi National Energy Company PJSC (TAQA) announced today that its wholly owned subsidiary, TAQA Bratani Limited (TAQA Bratani), has completed an acquisition of four exploration blocks in the Northern North Sea from Shell U.K. Limited and Esso Exploration and Production (UK) Limited. The sale completed for an undisclosed consideration.
This exploration acreage comprises:
- P.296: Block 210/25a Rest of Block; Block 211/21a3 Rest of Block; Block 211/16c All
- P.945: Block 210/20f All
and lies close to interests acquired in 2008 by TAQA Bratani, which includes four oil producing platforms -- Cormorant Alpha, North Cormorant, Tern and Eider.
This transaction has received regulatory approval and consent from third parties.
Leo Koot, Managing Director TAQA Bratani, said, "This deal further underlines TAQA's commitment to developing the remaining reserves in the North Sea and is an ideal fit with our existing equity. These blocks lie adjacent to the Tern and Kestrel fields purchased by TAQA in the Northern North Sea last year and as such represent a clear opportunity to enhance our production while utilising existing infrastructure. This will not only maximize indigenous production for the UK but will also ensure our environmental impact is kept to a minimum.
"TAQA's continued investments in the North Sea over the past year reflect our view that there is significant potential to develop our upstream operations and further establish TAQA as a leading North Sea E&P operator."
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Company: Abu Dhabi National Energy Co.(TAQA) more info
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