Abu Dhabi national energy company TAQA said yesterday that wholly owned subsidiary TAQA Bratani had completed its £420million acquisition of interests in seven oil fields from Shell UK and Esso Exploration and Production (UK).
The deal, signed in July, includes 100% and operatorship of the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican fields.
It also includes a 26.73% stake in the Dana-operated Hudson field together with a 16% interest in the Brent pipeline system, which exports oil from 13 fields to Sullom Voe, and a 24% interest in the Sullom Voe oil terminal.
TAQA Bratani’s development programme, announced earlier, consists of a capital expenditure commitment of £500million to be made over three years.
The company will in addition assume responsibility for future decommissioning liabilities relating to the fields it has acquired.
Peter Barker-Homek, TAQA’s chief executive, said: “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 driving development, creating employment and stimulating prosperity in the area.
“The financial commitment we are making will extend the productive life of these fields and, when combined with our existing UK and Dutch North Sea base, brings us one step closer to our strategy of building a diverse global portfolio of energy businesses.
“These assets are undoubtedly a great addition to our existing operations and provide TAQA with scale.
“More than three decades of the North Sea oil and gas industry has created a workforce with world-class skills and a depth of experience which we intend to draw from as we seek to increase our European asset base and workforce.”
TAQA has engaged Wood Group Engineering to provide operating and maintenance activities and to act as dutyholder for TAQA’s offshore assets in the northern North Sea.
The oil operator plans to assume the role of dutyholder within nine to 18 months, with Wood Group continuing to be TAQA’s operating and maintenance contractor.
A total of 133 Shell staff transferred employment to TAQA in line with protection of employment regulations as of Monday this week.
At present, there are about 200 people working for TAQA in Europe, located at operational assets or at the group’s four European offices: at Westhill, near Aberdeen, The Hague, Alkmaar and Amsterdam. Worldwide the company employs 2,800.
Aberdeen-based design agency Lighthouse has secured a contract with TAQA worth £250,000.
The contract was initially signed with TAQA Bratani, but TAQA’s head office in Abu Dhabi was so impressed with the standard provided by Lighthouse it offered a global contract.
John Duncan, managing director of Lighthouse, said: “Having tendered for the business in a competitive environment, we were delighted to win the initial contract with TAQA Bratani and to have it extended across the group. We are providing services across the entire spectrum – photography, design, digital and film.
“We have been developing the brand in the UK and are also producing a group corporate video, filming in TAQA locations around the world.”
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