UAE’s Taqa takes over BP’s Harding field in North Sea

Abu Dhabi National Energy Co. (TAQA) has mandated five banks for a dollar-denominated bond which could be issued before the end of the year. (Photo courtesy Trade Arabia)

Abu Dhabi National Energy Co(TAQA) on Saturday took over operation of the 20,000-barrels-per-day Harding field and output platform as part of an acquisition of BP assets in the North Sea agreed in2011.

The $1.3 billion deal involved TAQA buying BP’s Central North Sea holdings in Maclure and Devenick fields as well as the70-percent stake in Harding. It also included raising TAQA’s non-operated interests in the Brae area and associated infrastructure.

TAQA, in which the Abu Dhabi government holds a 75-percentstake, already operates the North Sea’s Brent pipeline system.

TAQA said in an emailed statement that the acquisition of Devenick field is expected to be completed at a later date.


Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40