TAQA to Acquire Oil and Gas Assets in the UK
Tuesday, December 18, 2012 11:20
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Abu Dhabi National Energy Company PJSC (TAQA) agreed to acquire oil and gas assets in the UK Central North Sea, from BP p.l.c. (BP) for a purchase consideration of approximately US$1,058MM. TAQA also expects to receive certain potential contingent payments of up to US$250MM. The contingent payments are dependent on oil price and production. TAQA intends to fund the acquisition from its existing operating cash flow and credit lines. Jefferies Group, Inc. is acting as financial advisor to BP, while Evercore Partners Inc. is acting as financial advisor to TAQA in the transaction. The transaction is expected to be completed in the second quarter of 2013, subject to the satisfaction of pre-emption rights as well as government and certain third party approvals.
Scope
- Rationale behind TAQA acquiring oil and gas assets in the UK Central North Sea from BP.
- To understand BP’s divestment of matured assets in the North Sea to focus on smaller number of high value assets.
- Geography Covered- UK.
Reasons to buy
- To know about how the acquisition will enable TAQA to expand its operations in the UK North Sea.
- To learn about TAQA’s attraction for the matured UK North Sea assets of BP.
- To develop a sound understanding about how the deal will increase TAQA’s global production by around 16%.
To know more about this reports, please visit our website : TAQA to Acquire Oil and Gas Assets in the UK Central North Sea from BP for US$1.06 Billion to Expand its Operations in the Region – Deal Analysis
Energy Market Report
2012-12-18 11:11:45
Source: http://energyresourcesreport.blogspot.com/2012/12/taqa-to-acquire-oil-and-gas-assets-in-uk.html
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