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11 December 2023

Taqa eyes UK’s North Sea fields

By Staff Writer


The Abu Dhabi National Energy Company Taqa is in talks to buy stakes in several of the United Kingdom’s North Sea oil and gas fields from Royal Dutch Shell and ExxonMobil Corporation, through its wholly owned subsidiary Taqa Bratani, Taqa said yesterday in a statement.

Shell and ExxonMobil announced last year that they wanted to sell their equity interests in the Tern, Eider, Cormorant North and South Cormorant fields and related sub-sea satellite fields and infrastructure, situated in the Northern North Sea.

“The 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 Esso,” the Abu Dhabi-based company said in a statement. It further said it has signed an agreement, subject to proceeding with the deal, appointing Aberdeen-based John Wood Group as the initial Duty Holder, in order to provide fully integrated engineering services to the fields.

“The intention is for Taqa to become Duty Holder in due course with Wood Group continuing to provide integrated services,” it said.

Taqa acquired BP Dutch gas exploration and production operations for $694 million (Dh2.5bn) in 2006, including onshore, offshore and storage facilities.

In the UK, Taqa Bratani acquired the entire non-operated interests in Brae assets from Talisman Energy in January for $550m.

In August, the company closed a $2bn purchase of Northrock Resources, the exploration arm of Calgary-based Houston’s Pogo Producing Company.