Taqa buys 15% of North Sea assets

Abu Dhabi: The Abu Dhabi National Energy Company PJSC (Taqa) revealed that Taqa Energy B.V., its wholly owned subsidiary, had acquired a 15 per cent stake in North Sea assets from the L11b Group for an undisclosed amount.

The L11b Group is made up of Chevron Exploration and Production Netherlands B.V., DSM Energie B.V. and EBN.

The deal is part of a transaction between the L11b Group and the L8-D Field Group, comprising Taqa Energy, Cirrus Energy Nederland B.V., DSM Energie B.V., Energy06 Investments B.V., EWE AG and EBN.

The acquisition consists of a 15 per cent interest in the L8-D Unit, L11b-A production platform which services the L8-D gas field, and a pipeline connection to the Noordgastransport (NGT) pipeline.

The remaining 85 per cent equity stake was acquired by the other members of the L8-D Field Group.

Following the acquisition, the L8-D Field Group appointed Taqa Energy as operator to the L11b-A production platform as of August 1.

Cirrus Energy Nederland B.V. is the L11b licence operator. The platform's first output is expected before year-end.

Paul van Gelder, Taqa Europe managing director, said: "With its increased presence in the region, Taqa has consistently demonstrated its reliability as a North Sea operator."