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.
