Abu Dhabi National Energy Company (Taqa) has agreed to acquire $1.06bn in oil and gas assets in the UK’s North Sea from the UK’s energy major BP.
The acquisition covers interests in the Harding (70 per cent), Maclure (37 per cent) and Devenick (88.7 per cent) fields in the Central North Sea, as well as non-operating interests in the Brae area and associated transport infrastructure.
After completion, which is targeted for the second quarter of 2013, the acquisition is expected to increase Taqa’s net production by 21,000 barrels of oil equivalent a day, adding to its existing business in the northern sector of the North Sea.
According to Taqa, the deal secures its status as the leading UAE investor in the UK. US-based Evercore Partners acted as the financial adviser to Taqa on the acquisition.
Taqa is a public joint stock company, which is 51 per cent owned by Abu Dhabi Water & Electricity Authority (Adwea) and is listed on the Abu Dhabi Securities Exchange.