x Abu Dhabi, UAEFriday 28 July 2017

Taqa to acquire stake in Dutch North Sea energy deposits

Taqa, which is majority owned by the Abu Dhabi Government, has already amassed $1bn of North Sea assets.

Abu Dhabi National Oil Company, or Taqa, has agreed to acquire stakes in oil and gas properties located in the Dutch North Sea from Cirrus Energy, a Canadian oil company, as part of a plan to quadruple the value of its North Sea assets to US$20 billion (Dh67bn) by 2016. In a statement to the Abu Dhabi Securities Exchange today, Taqa said it would acquire 15 to 30 per cent interests from Cirrus in three exploration blocks and one offshore field in return for funding 15 million to 30m euros of exploration costs.

Taqa, which is majority owned by the Abu Dhabi Government, amassed over $1bn of North Sea assets in 2006 and 2007 in purchases from Canada's Talisman Energy and BP. Earlier this year, it bought more North Sea assets from Royal Dutch Shell and Exxon Mobil for an undisclosed sum. In February, Cirrus disclosed an agreement to transfer 50 per cent of its interests in two North Sea offshore exploration licenses to Taqa in return for exploration funding. It was not immediately clear whether Taqa's new agreement with Cirrus was related to the previous deal. tcarlisle@thenational.ae