Business | Oil & Gas
Taqa in talks with Shell and ExxonMobil
Abu Dhabi National Energy Company (Taqa) on Friday said it is in talks with Shell and ExxonMobil for the purchase of their equity interests in the Tern, Eider, Cormorant North, South Cormorant fields and related sub-sea satellite fields and infrastructure in the North Sea.
- Staff Report
- Published: 00:10 March 15, 2008
Dubai: Abu Dhabi National Energy Company (Taqa) on Friday said it is in talks with Shell and ExxonMobil for the purchase of their equity interests in the Tern, Eider, Cormorant North, South Cormorant fields and related sub-sea satellite fields and infrastructure in the North Sea.
The negotiations are being conducted by the Abu Dhabi firm's wholly-owned subsidiary Taqa Bratani.
"This arrangement does not constitute a purchase agreement at this stage and any purchase by Taqa will be subject to satisfactory completion of due diligence and the negotiation of a sale and purchase agreement with the sellers, Shell and ExxonMobil," the company said.
Taqa has appointed Wood Group Engineering (North Sea) as the initial duty holder providing full integrated services.
"The intention is for Taqa to become duty holder with Wood Group continuing to provide integrated services," it said.
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
