Six oil fields sold off to Abu Dhabi firm

Jul 8 2008 Daily Record

ABU DHABI national energy firm Taqa have bought six North Sea fields, including Tern, for an undisclosed sum.

They sealed the deal yesterday with Shell UK and Esso Exploration and Production UK.

The fields, which also include Eider, Cormorant North, South Cormorant, Kestrel and Pelican, and their related subsea satellites produce about 40,000 barrels of oil equivalent a day. They represent around two per cent of Shell's production in Europe.

Around 130 Shell staff and 470 subcontractors work on the fields.

The Shell staff will transfer to the new owners. Aberdeen oil and gas services group John Wood have been made operating contractor.

It is Taqa's third big North Sea buy. Since 2006, they have acquired more than Û1billion of assets from Talisman and BP.

Taqa chief executive Peter Barker-Homek said it brought them a step closer to their strategy of building a global energy firm.

He said: "We believe the North Sea offers significant potential for companies like Taqa and we'll be making a significant investment over the coming years to extend the productive life and commercial viability of these assets."