Abu Dhabi-based energy company TAQA has announced that it has completed the acquisition of a number of UK North Sea oil and gas assets from BP
As a result of the acquisition, TAQA now has interests in the Harding, Morrone and Maclure offshore fields.
TAQA said in a statement, “We have taken over as operator of the Harding field and production platform in the Central North Sea, complementing the company’s existing assets in the northern North Sea. The acquisition is expected to add 20,000 barrels of oil equivalent per day of production.”
The assets were acquired under the agreement signed in November 2012 for about US$1.06bn, including an allocation for tax allowances. A deposit of US$632mn was paid at signature of the agreement.
“The remaining consideration has been adjusted for cash flow since the effective date of the agreement on 1 January 2013,” TAQA added.
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