Taqa snaps up Total's stake in two oilfields

Taqa_Total

The Abu Dhabi National Energy Company (Taqa), a publicly listed company on the Abu Dhabi Securities Exchange, has acquired Total's entire equity stake of 81 per cent in production licences for two blocks in the Otter Field Development Area.

Otter lies adjacent to Taqa Bratani's existing North Sea interests, purchased in 2008, and is a sub-sea tieback to the Taqa Bratani operated Eider Platform. Average daily production from the Otter Field is approximately 8,000 bpd.

"This transaction again underscores our long-term commitment to the North Sea," said Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of Taqa.

"Since entering the North Sea, Taqa has gained first hand operational expertise of operating mature fields in the area and we are confident of the opportunity to optimise the asset efficiently. We have a world-class team in place and, with the addition of this adjacent property, we have a clear opportunity to further develop the blocks."

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