FINANCIAL NEWS

Taqa buys Total’s stake in North Sea oilfield

15 Sep 2010

(MENAFN) Abu Dhabi National Energy Co (Taqa) said it bought Total SA’s entire 81 percent stake in production licenses for two blocks in the North Sea Otter oilfield.

The deal is one of a series of recent acquisitions of North Sea oil interests by Taqa, 75 percent-owned by the government of Abu Dhabi, which has been building up assets in mature offshore fields that other oil companies have discarded.

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 production from the Otter Field so far this year had been about 8,000 barrels per day (bpd) of oil, Taqa said in a statement. The deal was signed by its unit Taqa Bratani.

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