Taqa agrees UK assets purchase

15 November 2011

Abu Dhabi firm to buy North Sea assets for $54.8m from UK-based Premier Oil

Abu Dhabi National Energy Company (Taqa) has agreed to purchase assets in the North Sea from UK-based Premier Oil for $54.8m.

The deal gives Taqa a 16.6 per working interest in Blocks 210/29a and 210/30s in the Cladhan area of the North Sea, operated by the UK’s Sterling, according to a 15 November press release.

The blocks are located close to the Tern platform operated by Taqa.

The purchase has been made by Aberdeen-based Taqa Bratani, a subsidiary of Taqa, which has also agreed to join Blocks 28/5, 29/1d and 28/10a in the North Sea. It also includes access to the Coaster prospect.

Leo Koot, Taqa Bratani’s managing director, says the the company expects to begin drilling at Coaster with Premier Oil next year.

In October, Taqa announced its acquisition of a 19.9 per cent stake in Canada’s Western Zagros for $45.6m, which is exploring for oil and gas in the semi-autonomous Kurdistan region of northern Iraq (MEED 19:10:11).

Taqa is an energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

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