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.

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By GlobalData

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.