UAE firm acquires North Sea oil fields

December 3rd, 2008 - 7:23 pm ICT by IANS  

Abu Dhabi, Dec 3 (IANS) The United Arab Emirates’ (UAE) Abu Dhabi National Energy Co (Taqa) has announced that its subsidiary, Taqa Bratani, has completed a deal to buy seven oil fields in the northern North Sea from Shell UK and Esso Exploration and Production Ltd, WAM reported Wednesday. The $631 million deal, announced in July, includes the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields.

It also includes a combined 26.73 percent interest in the Dana-operated Hudson field, together with a 16 percent interest in the Brent System and a 24 percent interest in the Sullom Voe Terminal.

Peter Barker-Homek, Taqa’s chief executive officer, said the transfer was a milestone for the company.

“These assets are undoubtedly a great addition to our existing operations and provide Taqa with scale. However, the value of the people we now have within our group as a result should not be underestimated,” he said.

“More than three decades of the North Sea oil and gas industry has created a concentrated workforce with world class skills and a depth of experience which we intend to draw from as we seek to increase our European asset base and workforce.”

The fields will be taken over by Taqa with services provided by Aberdeen-based Wood Group.

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