Taqa Bratani Limited signed a sale and purchase agreement with Shell UK and Esso Exploration and Production Limited “to purchase the equity pertaining to operating licences for six offshore fields and two non-operated subsea tie-backs situated in the Northern North Sea,” Taqa told the Abu Dhabi Securities Exchange (ADX) in a notification. “The sale includes all equity, associated infrastructure and production licences relating to the vendor’s interests in Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields,” said Taqa. Taqa, however, didn’t reveal the size of the transaction. A spokeswoman for the company was unavailable for comment. Calls made to the mobile phone of Taqa’s CEO Peter Barker-Homek, didn’t elicit a response.
EXPANSION PLANS
Taqa’s CEO had previously said the company plans to complete four transactions totalling $5 billion in 2008 in a bid to expand its investment portfolio. The company is targeting a 25% year on year growth to become a $60 billion company by assets by 2012. (Golf News, UAE)
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