Dubai - Taqa Bratani Limited (Taqa Bratani), a subsidiary of Abu Dhabi National Energy Company (Taqa) announced it has completed its $631 million acquisition of seven oil fields located in North Sea, from Shell UK Limited and Esso Exploration and Production (UK) Limited.
“The completion of this transaction is another important milestone for our company. Taqa is now an important producer in the UK North Sea and will play a significant role in its future; driving development, creating employment and stimulating prosperity in the area,” said Peter Barker-Homek, Taqa’s chief executive officer. At the same time, Taqa announced that at a time when global companies are facing credit crunch, the company has accumulated Dh1.2 billion surplus cash, at the close of the third quarter of 2008. The sale includes 100 per cent interest and operations of the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields, and a combined 26.73 per cent interest in the Dana operated Hudson field together with a 16 per cent interest in the Brent System and a 24 per cent interest in the Sullom Voe Terminal.
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