Taqa buys BP assets for $1.1b
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.