TAQA nets Otter from Total

TAQA Bratani has agreed to acquire Total’s 81% equity in licences covering two blocks in the northern North Sea (P.226 block 210/15a and P.1021 block 210/20d) in the Otter field development area.

Offshore Staff

ABU DHABI -- TAQA Bratani has agreed to acquire Total’s 81% equity in licences covering two blocks in the northern North Sea (P.226 block 210/15a and P.1021 block 210/20d) in the Otter field development area.

Otter is close to TAQA Bratani’s existing UK North Sea interests, and has been developed as a subsea tieback to the company’s Eider platform. To date this year, Otter has averaged daily oil production of 8,000 b/d.

Leo Koot, managing director, 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.”

The sale is subject to regulatory approval and third party consents.

09/15/2010

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