UAE TAQA starts selling asset of oil and gas in the North Sea

According to documents reviewed by Bloomberg, the Abu Dhabi National Energy Company has started the process of selling its oil and gas operations in the Netherlands and the United Kingdom.

The company, known as TAQA, plans to divest from at least 17 fields and stakes in the Sullom Voe recharging terminal, Brent and SAGE pipelines in the UK. In a separate sale, 32 Dutch oil and gas licenses were offered, five of which are managed directly by the company.

The business TAQA’s oil and gas company was hit hard by the coronavirus pandemic, with profits in 2020 in drop of almost 30%. On Wednesday, the company said it was conducting a strategic review of its oil and gas operations, which include onshore and offshore exploration and production from the UK to Iraqi Kurdistan. Bloomberg first reported in March that the company was considering selling the assets.

TAQA’s UK portfolio includes oil and gas fields such as Cormorant and Harding and the Bray Group, which expects to produce net production media 33,000 barrels of oil equivalent per day quest’year.

The sales documents also indicate that an additional 33 million barrels of oil equivalent (boe) of natural gas could be developed in the Quad 9 project. Its smallest Dutch portfolio receives around 3,000 boe / day.

Potential buyers will be invited to the virtual data rooms, with offers to be submitted for both business groups in December, according to the documents.

The company, which has a monopoly on electricity and water distribution in Abu Dhabi, acquired BP’s North Sea assets for $ 1.1 billion in 2012.

Read More About: Business News

Leave a Reply