TAQA Bratani, the UK subsidiary of the Abu Dhabi national energy company, announced an acquisition yesterday which will give a significant boost to its North Sea production.
The firm is buying Total’s 81% stake in production licences for two blocks in the Otter field development area.
The deal is worth an undisclosed sum.
Otter is a subsea tieback to the TAQA Bratani-operated Eider platform. Average daily production from the field is about 8,000 barrels of oil. TAQA Bratani said it had also identified prospects in the Otter area which will provide the basis for future exploration.
Abdulla Saif al Nuaimi, chief executive and managing director of TAQA, said: “This transaction again underscores our long-term commitment to the North Sea.
“Since entering the North Sea, TAQA has gained first-hand operational expertise of operating mature fields in the area and we are confident of the opportunity to optimise the asset efficiently.
“We have a world-class team in place and, with the addition of this adjacent property, we have a clear opportunity to add to TAQA’s overall oil and gas production levels efficiently.”
Leo Koot, managing director of TAQA Bratani, said: “Our investment in the North Sea demonstrates the potential we see to extend the productive life and commercial viability of mature oil and gas fields.
“This transaction is an excellent fit with our strategic objectives and again presents us with the opportunity to grow production and further develop the blocks.”
TAQA Bratani has its headquarters at Westhill near Aberdeen.
The firm has seen rapid growth in the last couple of years and employs 1,200 – 400 staff and 800 contractors – between its onshore and offshore operations.
Earlier this month, it celebrated the first anniversary as dutyholder of its four North Sea platforms: Cormorant Alpha, North Cormorant, Tern and Eider.
TAQA Bratani had a record average production output of more than 40,000 barrels of oil per day in the first quarter of 2010.
It is also moving forward with its first new field development. Falcon in the northern North Sea has estimated reserves of 3million barrels of oil equivalent.
The field was explored and appraised earlier this year. Well operations, installation and commissioning of the new Falcon facilities will begin in April and continue until first production in June.
The development will consist of a production well tied back to TAQA’s nearby Kestrel field and then onwards to its Tern platform.
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