Abu Dhabi National Energy Company (Taqa) said it has completed the acquisition of UK North Sea oil and gas assets from BP which will help add 20,000 barrels of oil equivalent per day (boed) to its present output.

The assets were acquired under the agreement signed in November 2012 with an economic effective date of January 1, 2012 for $1.05  billion, including an allocation for tax allowances, the company said in a statement.

A deposit of $632 million was paid at signature of the agreement. The remaining consideration has been adjusted for cash flow since the effective date, it stated.

As per the deal, Taqa will take over as operator of the Harding field and production platform in the Central North Sea, complementing the company’s existing assets in the Northern North Sea.

Commenting on the move, CEO Carl Sheldon said, "We are delighted to announce the completion of this acquisition which extends the average life of our UK reserves and opens up a bright future for our North Sea business. This investment is a great strategic fit for Taqa.”

As a result of the acquisition, the Abu Dhabi firm, now has interests in the Harding, Morrone and Maclure fields. The transaction has also boosted Taqa's interests in the Brae area, the SAGE gas pipeline and Forties-Brae and Forties-Braemar oil pipelines.

The acquisition of the Devenick field interests, forming part of the transaction, is expected to complete at a later date, it added.

Taqa’s business is made up of three operating divisions spread across the entire energy value chain: Power generation & Water desalination; Oil and Gas exploration & production; and Energy Solutions.

Its vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where Taqa operates; and increased value for our shareholders.

In addition to the newly acquired assets, Taqa’s UK portfolio consists of the Brae Area assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline.

It has 100 per cent operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It has a combined 26.73 per cent interest in the Dana-operated Hudson field and a 24 per cent interest in the Sullom Voe Terminal. Taqa also operates the Brent Pipeline System.-TradeArabia News Service