Deals
Abu Dhabi’s Taqa Buys BP North Sea Assets for $1.1 Billion
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Abu Dhabi National Energy Co. bought stakes in North Sea fields for $1.1 billion from BP Plc, the energy producer that’s disposing of assets in the wake of the 2010 Gulf of Mexico oil spill.
Taqa, as the state-controlled power and oil company is known, will acquire interests in the Harding, Maclure and Devenick fields, BP said in a statement today. The deal also includes non-operated interests in the Brae and Braemar fields. The price doesn’t include future payments dependent on oil prices and production that BP expects to reach $250 million.