TAQA replaces BP as North Sea Harding operator

TAQA has completed the acquisition of various UK North Sea E&P interests from BP.

Offshore staff

ABU DHABI, UAE --TAQA has completed the acquisition of various UK North Sea E&P interests from BP.

The main transactions involves TAQA becoming operator of the Harding field and associated production platform in the central, in the process gaining 20,000 boe/d of production.

Additionally the company gains interests in the undeveloped Morrone and producingMaclure fields, and has increased its interests in the central North Sea Brae area, the SAGE gas trunkline system and the Forties-Brae and Forties-Braemar oil pipelines.

Acquisition of theDevenick field interests should complete at a later date.

The agreement, signed last November, is valued at $1.06 billion and includes an allocation for tax allowances.

6/3/2013

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