Taqa buys Shell, Exxon North Sea interests
Abu Dhabi, July 7, 2008
Abu Dhabi National Energy Company (Taqa) said on Monday it had bought northern North Sea equity interests from Shell and ExxonMobil.
'The sale includes all equity, associated infrastructure and production licences relating to the vendor's interests in the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields,' Taqa's wholly owned subsidiary Taqa Bratani said in a statement.
It said the fields produced around 40,000 barrels per day of oil equivalent.
Commenting on the agreement, Peter Barker-Homek, Taqa’s chief executive officer, said: “Today’s announcement brings us one step closer to our stated strategy of building a global energy company, with an equal distribution of assets in North America, Europe and the Middle East.'
“We believe that the North Sea offers significant potential for companies like Taqa and we will be making a significant investment over the coming years to extend the productive life and commercial viability of these assets.'
'These fields are an excellent fit with our operational objectives and potentially can be significantly improved by our own expertise and that of our partners, Wood Group, who are widely recognized as a global market leader in the enhancement of oil and gas production in mature fields,' he noted.
'This is further evidence of our long-term commitment to Europe and will build on our asset optimization successes in The Netherlands and UK to-date,' he added.
Through this acquisition, Taqa will benefit from the tremendous expertise of the team that has been operating these assets who will become new employees of Taqa.
“We see ourselves as part of the next generation of North Sea E&P firms and are looking forward to providing dynamic careers to individuals interested in the energy sector. Taqa, as a meritocracy, aims to assist every employee in achieving their career aspirations.”
“We pride ourselves on having best-in-class health, safety, security and environmental standards.”
Goldman Sachs International acted as financial advisor and Ernst & Young as tax advisor to Taqa in respect of the transaction. The legal advisor to Taqa Bratani is CMS Cameron McKenna LLP.