Founded in 2005, Taqa (Abu Dhabi National Energy Company [PJSC]) is a global energy company with a growing asset base that exceeds $23.4 billion. One of the largest companies listed on the Abu Dhabi Securities Market, with 2007 revenues of more than $2 billion, Taqa is a flagship corporation for the Government of Abu Dhabi.
Last month, UK oil companies Shell and Esso Exploration and Production finalized an agreement to sell assets in the northern North Sea to the Abu Dhabi National Energy Company. Taqa’s wholly owned subsidiary, Taqa Bratani Ltd., signed the Sale and Purchase Agreement involving six offshore oil fields and two non-operated subsea tie-backs located in the East Shetland Basin.
Shell, operator of the venture, announced in June 2007 that its North Sea assets were available for purchase. Taqa Bratani, who has been actively looking to increase its presence in Europe, began negotiations in March 2008 with Shell and Esso, a subsidiary of ExxonMobil.
Taqa has already acquired more than $1 billion of North Sea oil and gas assets since 2006 from BP and Canada’s Talisman Energy. The value of this particular sale was not released, however it does include all equity, associated infrastructure and production licenses for the Tern, Eider, Cormorant North, South Cormorant, Kestrel, and Pelican oil fields and related subsea satellite fields. The concerned fields produce around 40,000 barrels of oil equivalent per day.
Taqa’s chief executive, Peter Barker-Homek, commented on the agreement saying that it brings the company “one step closer to our stated strategy of building a global energy company… We will be making a significant investment over the coming years to extend the productive life and commercial viability of our assets.”
The transaction remains subject to regulatory approvals and government consent, and is expected to be completed later in 2008.
