Uchenna Izundu
International Editor
LONDON, Jan. 16 -- TAQA Bratanit Ltd., a wholly owned subsidiary of Abu Dhabi National Energy Co., has acquired from Talisman Energy (UK) Ltd. the company's nonoperated Brae field interest in the UK North Sea for $550 million. TAQA, an energy investment firm formed in June 2005 as a public joint stock company, is 51% owned by the government of Abu Dhabi.
The deal will be completed later this year once the companies have secured approval from the UK government and other third parties.
Talisman said the assets are not core to its portfolio. Its net production from the Brae assets for 2006 averaged 19,000 boe/d. Its proved Brae reserves were 18.5 million boe with proved plus probable reserves of 34 million boe as at yearend 2006.
The assets include:
-- 18% interest in South, North, Central, and West Brae gas-condensate fields.
-- 18% interest in Beinn gas-condensate field.
-- 16.9% interest in East Brae field.
-- 13% interest in Braemar gas-condensate field.
-- 18% interest in Brae-to-Forties oil export pipeline.
-- 9% interest in the 32.6 million cu m/day SAGE pipeline, and onshore terminal at St. Fergus;
-- 9% interest in the 380 MMscfd, 16-in. gas pipeline linking the Brae B and Miller platforms.
Contact Uchenna Izundu at [email protected].
