Abu Dhabi: Taqa, the Abu Dhabi-based global energy company, said on Saturday it has completed the acquisition of UK North Sea oil and gas assets from BP.
In a statement, Taqa said it has taken over as “operator of the Harding field and production platform in the Central North Sea, complementing the company’s existing assets in the Northern North Sea. The acquisition is expected to add 20,000 barrels of oil equivalent per day of production.”
The assets were acquired under the agreement signed in November 2012 with an economic effective date of 1 January 2012, for about $1.06 billion, including an allocation for tax allowances. A deposit of $632 million was paid at signature of the agreement.
“The remaining consideration has been adjusted for cash flow since the effective date,” Taqa said.
Commenting on Taqa’s latest acquisition, Carl Sheldon, chief executive officer at Taqa said: “ This investment is a great strategic fit for Taqa.”
As a result of the acquisition, Taqa now has interests in the Harding, Morrone and Maclure fields.
Last month, Taqa said its fiscal first quarter net profit fell 80 per cent to Dh106 million while revenue declined 6 per cent from the same quarter a year earlier to Dh5.42 billion.
Taqa said at the time its average global daily oil and gas production was 127,000 barrels of oil equivalent a day, compared with 134,000 bpd in the same period last year, a fall of 5 per cent.
On Thursday, Taqa’s stock on the Abu Dhabi Securities Exchange closed 0.78 per cent higher at Dh1.29.
