BP’s North Sea Assets Bought By Abu Dhabi’s Taqa For $1.1 Billion

Abu Dhabi National Energy Co. (TAQA) has purchased stakes in North Sea fields for $1.1 billion from BP Plc (BP/), the energy producer who is reducing  assets in the wake of the 2010 Gulf of Mexico oil spill.

Highlights from market news:

– Today’s transaction adds roughly 21,000 barrels of oil a day to Taqa’s North Sea production, a 50%  increase, and almost doubles the company’s reserves in the region

– BP CEO Bob Dudley is shoring up the balance sheet of Europe’s second-biggest oil company as it faces a trial over civil fines in the U.S. next year.

– Taqa, owned 75% by the Abu Dhabi government, holds stakes in businesses generating power or producing oil and gas in the Middle East, the North Sea, India and North America

Click here to read full Bloomberg article.