Abu Dhabi's National Energy Company TAQA announced that it has acquired UK-based multinational energy firm BP’s oil and gas assets in North Sea.

As part of the acquisition, TAQA will take over as operator of the Harding field and production platform in the Central North Sea.

Located 200 miles north-east of Aberdeen in the BP-operated block 9/23b, in 110m of water, the Harding field has the capacity to process and export up to 400 million standard cubic feet of gas a day.

TAQA’s acquisition is anticipated to add 20,000 barrels of oil equivalent per day of production to the field.

The company acquired the BP assets for $1.05bn, including an allocation for tax allowances, as part of a deal signed in November 2012 with an economic effective date of 1 January 2012.

During signature of the agreement, TAQA deposited $632m, while the remaining consideration has been adjusted for cash flow since the effective date.