Taqa completes acquisition of seven oil fields from Shell and Esso
A subsidiary of the Abu Dhabi National Energy Company (Taqa) has completed a $ 631 mm acquisition of seven oil fields
from Shell UK and Esso Exploration and Production (UK).
Taqa announced that its wholly owned subsidiary, Taqa Bratani had signed a deal to take a 100 % interest and
operatorship of the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields. The agreement also
included a combined 26.73 % interest in the Dana operated Hudson field together with a 16 % interest in the Brent
System and a 24 % interest in the Sullom Voe Terminal.
Taqa Bratani has also committed $ 743 mm to a development programme over the next three years and will assume
responsibility for the future decommissioning liabilities relating to the fields.
Commenting on the acquisition, Peter Barker-Homek, Taqa's CEO, said: "The completion of this transaction is another
important milestone for our company. Taqa is now an important producer in the UK North Sea and will play a
significant role in its future; driving development, creating employment and stimulating prosperity in the area."
"The financial commitment we are making will extend the productive life of these fields and, when combined with our
existing UK and Dutch North Sea base, brings us one step closer to our strategy of building a diverse global
portfolio of energy businesses across the value chain."
"These assets are undoubtedly a great addition to our existing operations and provide Taqa with scale."
