TAQA completes acquisition of BP assets

TAQA, the global energy company based in Abu Dhabi, today completed the acquisition of UK North Sea oil and gas assets from BP. TAQA takes over as operator of the Harding field and production platform in the Central North Sea, complementing the company's existing assets in the Northern North Sea. The acquisition is expected to add 20,000 barrels of oil equivalent per day (boed) of production. Carl Sheldon, Chief Executive Officer at TAQA, said: "We are delighted to announce the completion of this acquisition which extends the average life of our UK reserves and opens up a bright future for our North Sea business. This investment is a great strategic fit for TAQA." The assets were acquired under the agreement signed in November 2012 with an economic effective date of 1 January 2012, for USD 1,058 million, including an allocation for tax allowances. A deposit of USD 632 million was paid at signature of the agreement. The remaining consideration has been adjusted for cash flow since the effective date. As a result of the acquisition, TAQA now has interests in the Harding, Morrone and Maclure fields. The transaction has also increased TAQA's interests in the Brae area, the SAGE gas pipeline and Forties-Brae and Forties-Braemar oil pipelines. The acquisition of the Devenick field interests forming part of the transaction is expected to complete at a later date.