TAQA confims deal to buy BP assets
9 Jan 2013
Abu Dhabi, UAE – Abu Dhabi National Energy Co. (TAQA) has confirmed an agreement to buy from BP oil and gas assets in the UK North Sea worth more than $1 billion.
The deal, said TAQA, follows a constructive dialogue between the oil and gas industry and the UK Treasury, that resulted in changes to the tax treatment of North Sea assets.
The acquisition consists of interests in the Harding (70%), Maclure (37.03%), and Devenick (88.7%) fields in the Central North Sea.
TAQA said it would also increase its non-operated interests in the Brae area and associated transport infrastructure including the SAGE system, Forties-Brae and Forties-Braemar pipelines.
On completion, the acquisition is expected to increase TAQA’s net production by approximately 21,000 barrels of oil equivalent per day (boe/d), and will add a second major development hub to TAQA’s UK North Sea business, which is currently centred around the Northern sector.
