The deal was concluded through Taqa’s wholly-owned subsidiary, Taqa Bratani.
The deal is part of a strategy by Taqa to expand around the world, and adds to its assets in the Netherlands, India, Canada and elsewhere.
“Our investment in Brae presents the ideal entry position into the UK upstream oil and gas market,” said Peter Barker-Homek, chief executive officer of Taqa. “The Brae area infrastructure has significant future growth potential and provides a robust, reliable base for Taqa to build and grow our UK business.”
Taqa’s involvement in Brae will be led by Steve Bowyer, Head of Upstream Exploration & Production. The company plans to establish a new operational headquarters in Aberdeen, Scotland during the second half of 2008.
Talisman’s net production from its Brae assets in 2007 averaged 14,600 barrels of oil equivalent a day. As at 31 December 2006, proven reserves were 18.5 million barrels of oil equivalent, with proven and probable reserves of 34 million barrels.