TAQA buys North Sea assets

The Abu Dhabi National Energy Co. PJSC wholly owned subsidiary, TAQA Bratani Ltd., Shell UK Ltd., and Esso E&P Ltd. have signed a sale and purchase agreement for the equity pertaining to operating licenses for six offshore fields and two non-operated subsea tie-backs in the northern North Sea.

Offshore staff

ABU DHABI, UAE, and ABERDEEN, UK -- The Abu Dhabi National Energy Co. PJSC wholly owned subsidiary, TAQA Bratani Ltd., Shell UK Ltd., and Esso E&P Ltd. have signed a sale and purchase agreement for the equity pertaining to operating licenses for six offshore fields and two non-operated subsea tie-backs in the northern North Sea.

The sale includes all equity, associated infrastructure and production licenses relating to interests in the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related subsea satellite fields. The fields' have an average production in the region of 40,000 boe/d.

Conditional on the closing of the transaction, John Wood Group PLC will serve as operating and maintenance contractor and duty holder. As duty holder, Wood Group will manage offshore production operations, which includes safety, health and environmental regulatory compliance.

The transaction remains subject to regulatory approvals and third party consents. Closing of the transaction is expected to occur within the 4Q 2008.

07/07/2008


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