The Abu Dhabi National Energy Company PJSC (TAQA) has announced today that its wholly owned subsidiary, TAQA Bratani Limited (TAQA Bratani), has signed a contract with Wood Group Engineering (North Sea) Ltd, a subsidiary of John Wood Group PLC ("Wood Group") for the provision of operating and maintenance activities and to act as Duty Holder for TAQA's offshore assets in the Northern North Sea.
The contract is effective until 20 June 2013 unless terminated by the Parties. However TAQA plans to become Duty Holder for the Northern North Sea assets within 9 to 18 months from being approved Operator of the Northern North Sea Assets, with Wood Group continuing to be TAQA's operating and maintenance contractor. The value of the contract has been agreed by the Parties to remain confidential.
On 7 July 2008 TAQA announced the signing of a Sale and Purchase Agreement with Shell U.K. Limited (Shell) and Esso Exploration and Production (UK) Limited (Esso) for their entire equity interests in the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and part-equity in related infrastructure situated in the Northern North Sea. The fields' average daily production represents a significant increase to TAQA's existing European footprint. TAQA expect to complete their transaction with Shell and Esso and become owner of the Northern North Sea assets towards the end of 2008.
The terms of the contract will see Wood Group manage all offshore production operations, including health, safety and environmental regulatory compliance. TAQA will concentrate on its core responsibilities as license operator and on building its presence and capability in the UK.
As at 31 March 2008, TAQA's existing combined European upstream operations had proven and probable reserves of approximately 38 mmboe and reached average production of 23 mboe/d.
Posted 13/11/08
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