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TAQA completes acquisition of BP's North Sea assets

07 June 2013

Abu Dhabi National Energy Co (TAQA) has completed the acquisition of BP's UK North Sea oil and gas assets giving the Abu Dhabi-based energy company control of the Harding field. The acquisition is expected to add 20,000 barrels of oil equivalent per day (boed) of production, Taqa said in a statement.

TAQA now owns the Harding field
TAQA now owns the Harding field

Carl Sheldon, CEO at TAQA, said: "We are delighted to announce the completion of this acquisition which extends the average life of our UK reserves and opens up a bright future for our North Sea business. This investment is a great strategic fit for TAQA.”

TAQA is expanding its North Sea coverage and now has interests in the Harding, Morrone and Maclure fields. The BP transaction has also helped increase TAQA’s interests in the Brae area, the SAGE gas pipeline and Forties-Brae and Forties-Braemar oil pipelines.

The US$1.3 billion deal to buy BP's assets was agreed in 2011 and signed in November 2012. It involved TAQA buying BP's Central North Sea holdings in Maclure and Devenick fields as well as a 70% stake in Harding.

TAQA said that the acquisition of the Devenick field, which forms part of the transaction, is expected to be completed at a later date.

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