Taqa completes further North Sea acquisition

07 September 2009

Abu Dhabi investment vehicle buys four exploration blocks from international oil companies

Abu Dhabi National Energy Company (Taqa) has completed the purchase of four oil and gas exploration blocks in the North Sea from the UK/Dutch Shell Group and Esso Exploration & Production, a subsidiary of the US’ ExxonMobil.

Taqa’s wholly owned UK subsidiary, Taqa Bratani carried out the deal.

The four areas are blocks 210/25a, 211/21a3, 211/16c and 210/20f, all of which sit next to oil production assets and facilities in the Brae area that Taqa acquired in 2008 (MEED 3:1:09).

“This deal further underlines Taqa’s commitment to developing the remaining reserves in the North Sea and is an ideal fit with our existing equity,” said Leo Koot, managing director of Taqa Bratani in a 3 September statement.

Taqa is in the process of expanding around the world to lock in long-term energy supplies.

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