Talisman to exit Brae

Jan. 16, 2007
Talisman sells interests in Brae area to TAQA for $500 m

Offshore staff

ABERDEEN, UK --Talisman Energy UK has agreed to sell its interests in the Marathon-operated Brae area assets in the central North Sea for $550 million. The successful bidder is TAQA Bratani, a subsidiary of the Abu Dhabi National Energy Co, which also recently bought BP's upstream assets on and offshore The Netherlands.

Talisman's package includes interests ranging from 9-18% in the five producing Brae fields, the Beinn and Braemar satellites, the Brae-Forties, SAGE and Brae-Miller pipelines, plus transportation and processing avenues from third party fields. Net production to Talisman from these assets averaged 19,000 boe/d in 2006.

The proposed sale is subject to UK government and partner approvals.