Taqa Bratani Ltd., a subsidiary of The Abu Dhabi National Energy Co. PJSC, Abu Dhabi, UAE, (Abu Dhabi: TAQA) has completed its acquisition of seven oil fields in the northern North Sea from Shell U.K. Ltd., a subsidiary of Royal Dutch Shell, The Hague, The Netherlands, (NYSE: RDS-A) and Esso Exploration and Production (UK) Ltd., a subsidiary of ExxonMobil Corp., Irving, Texas, (NYSE: XOM) for US$631 million.
The sale includes 100% interest and operatorship of the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican fields, and a combined 26.73% interest in the Dana operated Hudson Field together with a 16% interest in the Brent system and a 24% interest in the Sullom Voe terminal. Production is approximately 40,000 barrels of oil equivalent per day.
Taqa had production from its European upstream assets as of March 31 of 23,000 barrels equivalent per day. Proved and probable reserves from these properties were 38 million barrels equivalent.
Taqa Bratani plans to spend US$745 million in the next three years and will assume responsibility for the future decommissioning liabilities relating to the fields.
Taqa chief executive Peter Barker-Homek says, “Taqa is now an important producer in the U.K. North Sea and will play a significant role in its future, driving development, creating employment and stimulating prosperity in the area.
“The financial commitment we are making will extend the productive life of these fields and, when combined with our existing U.K. and Dutch North Sea base, brings us one step closer to our strategy of building a diverse global portfolio of energy businesses across the value chain.”
Taqa has engaged Wood Group Engineering (North Sea) Ltd., a subsidiary of John Wood Group plc, for operating and maintenance activities and to act as duty holder for Taqa’s offshore assets in the northern North Sea. Taqa plans to assume the role of duty holder for these assets within nine to 18 months, with Wood Group continuing to be Taqa’s operating and maintenance contractor.
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