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The Emirati “ TAQA ” seeks to sell oil and gas fields in Britain and the Netherlands

One of TAQA's gas facilities
One of the gas facilities of “TAQA” company

The Abu Dhabi National Energy Company (TAQA) has begun the process of selling its oil and gas assets in Britain and the Netherlands, documents reviewed by Bloomberg revealed.

Through the process, the Abu Dhabi-based company will exit at least 17 fields, in addition to selling its stakes in the Sullom Voe cargo terminal, Brent and Sage pipelines. (SAGE) in Britain. It will give up, in a separate sale, 32 Dutch oil and gas licenses, five of which are directly operated by the company.

The o i l and gas business of TAQA has been hit hard by the coronavirus pandemic, with profits for 2020 dropping by nearly 30%. The company announced, yesterday, Wednesday, that it is conducting a strategic review of its operations in the field of oil and gas, which includes exploration and production, onshore and offshore, extending from Britain to Iraqi Kurdistan. Bloomberg first reported in March that it was considering selling the assets.

A spokesman for “TAQA” declined to comment, stressing what was stated in Wednesday’s statement.

 

wallet for sale

Britain’s energy portfolio includes o i l and gas fields such as Cormorant, Harding and the Brae complex, which are expected to average 33,000 barrels of oil equivalent per day (bpd) net production this year. The sale documents also indicate the possibility of developing an additional 33 million barrels of oil equivalent production of natural gas from the Quad 9 project. Its smaller Dutch portfolio has a production capacity of about 3,000 barrels of oil equivalent per day.

Potential buyers will be invited to virtual meeting rooms to provide them with data, with the goal of making bids for both sets of assets in December, according to the documents.

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

 

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