- 01 Jun 2013
TAQA completes acquisition of BP assets
1 June 2013, Abu Dhabi, United Arab Emirates – TAQA, the global energy company based in Abu Dhabi, has today completed the acquisition of UK North Sea oil and gas assets from BP.TAQA takes over as operator of the Harding field and production platform in the Central North Sea, complementing the company’s existing assets in the Northern North Sea. The acquisition is expected to add 20,000 barrels of oil equivalent per day (boed) of production.Carl Sheldon, Chief Executive Officer at TAQA, 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.”The assets were acquired under the agreement signed in November 2012 with an economic effective date of 1 January 2012, for USD 1,058 million, including an allocation for tax allowances. A deposit of USD 632 million was paid at signature of the agreement. The remaining consideration has been adjusted for cash flow since the effective date.As a result of the acquisition, TAQA now has interests in the Harding, Morrone and Maclure fields. The transaction has also increased TAQA’s interests in the Brae area, the SAGE gas pipeline and Forties-Brae and Forties-Braemar oil pipelines.The acquisition of the Devenick field interests, forming part of the transaction, is expected to complete at a later date.- ENDS -Contact Information for Media:TAQA UK Media Relations
Corporate Communications Manager
Mob: +44 (0)7795 312976Abu Dhabi
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqa.comNotes to editorsTAQA’s interest in the newly acquired fields: 70% in the Harding field, 70% in the Morrone field and 37.03% interest in the Maclure field. In Brae, TAQA has a total interest of 45.7% in Block 16/7a, a total 50.1% interest in East Brae, and a total 65% interest in the Braemar field.Evercore Partners acted as financial adviser to TAQA in relation to this transaction.About Abu Dhabi National Energy Company PJSC (TAQA):Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).
TAQA’s business is made up of three operating divisions spread across the entire energy value chain: Power generation & Water desalination; Oil and Gas exploration & production; and Energy Solutions.
TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.
Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.
In addition to the newly acquired assets, TAQA’s UK portfolio consists of the Brae Area assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. It has 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It has a combined 26.73% interest in the Dana-operated Hudson field and a 24% interest in the Sullom Voe Terminal. TAQA also operates the Brent Pipeline System.