Abu Dhabi National Energy Company (TAQA) has announced their wholly owned subsidiary, TAQA Bratani, has agreed to acquire the operating licenses for six offshore fields and two non-operated sub-sea tie-backs in the North Sea from Shell UK and Esso Exploration and Production UK.
The sale includes all equity, associated infrastructure and production licenses in the Tern, Eider, Cormorant North and South, Kestrel and Pelican fields and related sub-sea satellite fields.
The agreements is still subject to regulatory approvals and third party consents, but is expected to close by the fourth quarter of 2008.
Conditional on the closing of the transaction, TAQA have approached John Wood Group regarding operation and maintenance contracts.
“This announcement brings us one step closer to our stated strategy of building a global energy company, with an equal distribution of assets in North America, Europe and the Middle East” said Peter Barker-Homek, TAQA’s chief executive officer. “We believe that the North Sea offers significant potential for companies like TAQA”.
1) TAQA was founded in 2005 and currently employs a workforce of 2,800 drawn from 38 nationalities working in nine markets across the world.
2) It is 51% owned by Abu Dhabi Water and Electricity Authority (ADWEA).
3) The investment vehicle is listed on the Abu Dhabi stock exchange with a combined total of over US$18.5 billion in assets and revenues in excess of US$2.26 billion annually.
4) TAQA assets grew 27% in Q1’08, to US$23 billion, compared to $19 billion as at 31 December 2007.
5) Revenue from oil and gas activities accounted for $517 billion compared to $21 million for the same period of 2007.
