Tuesday 4 June 2013

Abu Dhabi firm buys BP’s North Sea assets

Abu Dhabi's national energy company has acquired oil and gas assets in the North Sea from BP.

TAQA has taken over as operator of the Harding field and production platform in the Central North Sea, which is expected to add 20,000 barrels of oil equivalent per day.

The company acquired the BP assets for $1,058 million, (£685.2m) including an allocation for tax allowances, as part of a deal signed in November last year. TAQA paid a deposit of $632m (£413.2m) at the time of signing the agreement.

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.”