The news source reported that the Abu Dhabi National Energy Company’s (Taqa) wholly owned subsidiary, Taqa Bratani, has signed a sale and purchase agreement with Shell UK and Esso Exploration and Production UK, to boost its existing reserves by nearly 40,000 barrels of oil equivalent (boe).
The acquisition included all equity, production licenses and linked infrastructure to the two companies’ interests in the Tern, Eider, Cormorant North, Cormorant South, Kestrel and Pelican fields, and associated sub-sea satellite fields, reported Emirates Business.
The Middle Eastern energy company’s pooled upstream operations in Europe reportedly accounted for 38 million barrels of oil equivalent (mboe) of proven and probable reserves in March 2008, with an average production volume of 2.3mboe per day.
Taqa has also engaged the John Wood Group as the duty holder, and the operating and maintenance contractor for the acquired assets.
Peter Barker-Homek, Taqa CEO as quoted by Emirates Business, said: The 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 major investment over the coming years to extend the productive life and commercial viability of these assets.
