The Abu Dhabi National Energy Company (Taqa) has signed a sale and purchase agreement for an 81 per cent stake in two oil blocks in the North Sea.
The production licences for both blocks, located in the Otter Field Development Area, were purchased from France’s Total for an undisclosed amount. The Otter Field currently has a 2010 production average of around 8,000 barrels-a-day.
“This transaction underscores our long-term commitment to the North Sea,” Taqa’s chief executive, Abdulla al-Nuaimi, said in a statement. “Since entering the North Sea, Taqa has gained first hand operational expertise of operating mature fields in the area.”
The sale is subject to regulatory approval and third party consents. Taqa is a publicly listed company on the Abu Dhabi Securities Exchange. In May MEED reported that Taqa completed the refinancing of its subsidiary Taqa North’s $1.325bn revolving credit facility (MEED 24:5:10).