TAQA Bratani completes UK North Sea asset aquisition
TAQA Bratani, a wholly owned subsidiary of Abu Dhabi National Energy, has completed the $631 million purchase of assets in the UK North Sea from Shell UK and ExxonMobil.
LONDON, Dec. 7 -- TAQA Bratani Ltd., a wholly owned subsidiary of Abu Dhabi National Energy Co. PJSC, has completed the $631 million purchase of assets in the UK North Sea from Shell UK Ltd. and ExxonMobil Corp.
TAQA will operate Tjern, Kestrel, Eider, Pelican, Cormorant North, and Cormorant South fields and related assets. All assets are in 150-167 m of water and northeast of Lerwick in Shetland.
TAQA plans to invest £500 million on the fields over the next 3 years to extend the productive life of these fields. The fields produce an estimated 40,000 boe/d.
The vendors sold the assets as they are mature and will use the money to focus on other bigger developments, they said. TAQA has taken on 133 of Shell's staff as of Dec. 1.
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