Taqa Bratani Limited has completed its acquisition of Talisman Energy (UK) Limited’s non-operated interests in the Brae Area of the United Kingdom Continental Shelf (UKCS).

Taqa Bratani is a wholly-owned subsidiary of the Abu Dhabi National Energy Company (Taqa), a publicly listed company on the Abu Dhabi Securities Market.

Taqa Bratani agreed to purchase Brae from Talisman Energy Inc’s wholly owned UK subsidiaries Talisman Energy (UK) Limited and Talisman LNS Limited on December 20, 2006, and closed the acquisition on December 31, 2007.
 
“Our vision is to establish Taqa as a global energy company that now has $21billion in high quality assets diversified across the value chain.  Today’s closing of the Brae investment is another important milestone in Taqa’s growth and evolution,” said Taqa CEO Peter Barker-Homek.

“We are a company of some 2,500 employees who span Chennai, India to Calgary,  Canada.  We pride ourselves on being a meritocracy, participating constructively with workers councils and having exemplary standards when it comes to health, safety, security and the environment,” he added.

Taqa’s investment in Brae and Taqa Bratani’s future growth will be led by head of Upstream Exploration & Production Steve Bowyer and the Taqa Bratani team based in Aberdeen. 

The company intends to establish a new operational headquarters in Aberdeen during the second half of 2008.

Talisman’s net production from the Brae assets for 2007 averaged approximately 14,600 boe/d.  As at December 31, 2006, proved reserves were 18.5 mmboe, with proved plus probable reserves of 34 mmboe. – TradeArabia News Service