Business | Oil & Gas
Taqa unit buys North Sea assets of Shell and Esso
A wholly-owned subsidiary of Abu Dhabi National Energy Company (Taqa) has purchased Shell and Esso Oil's production assets in the North Sea with the fields' average daily oil production in the region of 40,000 barrels per day, Taqa said on Monday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:09 July 8, 2008
Abu Dhabi: A wholly-owned subsidiary of Abu Dhabi National Energy Company (Taqa) has purchased Shell and Esso Oil's production assets in the North Sea with the fields' average daily oil production in the region of 40,000 barrels per day, Taqa said on Monday.
Taqa Bratani Limited signed a sale and purchase agreement with Shell UK and Esso Exploration and Production Limited "to purchase the equity pertaining to operating licences for six offshore fields and two non-operated subsea tie-backs situated in the Northern North Sea," Taqa told the Abu Dhabi Securities Exchange (ADX) in a notification.
"The sale includes all equity, associated infrastructure and production licences relating to the vendor's interests in Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields," said Taqa.
Taqa, however, didn't reveal the size of the transaction.
A spokeswoman for the company was unavailable for comment.
Calls made to the mobile phone of Taqa's chief executive officer, Peter Barker-Homek, didn't elicit a response.
Expansion plans
Taqa's CEO had previously said the company plans to complete four transactions totalling $5 billion in 2008 in a bid to expand its investment portfolio.
The company is targeting a 25 per cent year on year growth to become a $60 billion company by assets by 2012.
Taqa's shares yesterday ended 2.91 per cent lower at Dh3.00 a share on a declining ADX, where the general index fell 0.9 per cent to close at 5,042.03.
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