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Abu Dhabi’s National Energy Company PJSC (TAQA) has acquired oil and gas assets in the North Sea from UK-based multinational energy firm BP.

As part of the acquisition, TAQA will takeover as operator of the Harding fieldand 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 (boed) to production.

The company acquired the BP assets for $1,058m, including an allocation for tax allowances, as part of a deal signed in November 2012 with an economic effective date of 1 January 2012.

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

In addition, TAQA will now hold interests in Morrone and Maclure fields and increase its stake in the Brae area, the SAGE gas pipeline and Forties-Brae and Forties-Braemar oil pipelines.

As part of the acquisition, the company will also hold interest in the Devenick field at a later date.

Devenick gas field is located in Blocks 9/29a and 9/24b of the UK Continental Shelf (UKCS) in the central North Sea, in water depths of 116m.

TAQA chief executive officer, Carl Sheldon, 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," Sheldon added.

In September 2010, TAQA Bratani signed a deal to acquire Total’s entire 81% stake in production licences for two blocks in the Otter oil field in the North Sea.


Image: Harding field location in the BP-operated block 9/23b.

Energy