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13

UAE Firm Bought North Sea Assets of Shell and Esso

The Abu Dhabi National Energy Company, UAE, has acquired production assets of Shell and Esso in the North Sea

The Abu Dhabi National Energy Company, UAE, has acquired production assets of Shell and Esso in the North Sea through one of its wholly-owned subsidiary, local newspaper Gulf News reported on Tuesday.

Taqa Bratani Limited, a wholly-owned subsidiary of Taqa, signed an agreement with Shell UK and Esso Exploration and Production Limited "to purchase the equity pertaining to operating licenses for six offshore fields and two non-operated subsea tie-backs situated in the Northern North Sea," the company said in a statement.

"The sale includes all equity, associated infrastructure and production licenses relating to the vendor's interests in Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields," Taqa said.

But the company did not reveal the size of the transaction.