Taqa buys BP as­sets for $1.1b

The Pak Banker - - Front Page -


Abu Dhabi Na­tional En­ergy Co. bought stakes in North Sea fields for $1.1 bil­lion from BP Plc the en­ergy pro­ducer that's dis­pos­ing of as­sets in the wake of the 2010 Gulf of Mex­ico oil spill. Taqa, as the state-con­trolled power and oil com­pany is known, will ac­quire in­ter­ests in the Hard­ing, Ma­clure and Devenick fields, BP said in a state­ment to­day.

The deal also in­cludes non­op­er­ated in­ter­ests in the Brae and Brae­mar fields. The price doesn't in­clude fu­ture pay­ments de­pen­dent on oil prices and pro­duc­tion that BP ex­pects to reach $250 mil­lion. Taqa CEO Carl Shel­don said the com­pany was open to fur­ther ac­qui­si­tions. "We're here to stay in the North Sea," Shel­don said on a con­fer­ence call with jour­nal­ists.

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