TENC-CA UK North Sea Sale & Transfer

Wednesday, December 03, 2008

Shell U.K. Limited (Shell),Esso Exploration and Production UK Limited, (ExxonMobil), Mobil North Sea LLC (ExxonMobil) and Enterprise Oil U.K. Limited (Shell) completed the final sale and transfer of a number of northern North Sea assets to TAQA Bratani Limited, a wholly owned subsidiary of Abu Dhabi National Energy Company PJSC (TAQA) on Dec. 1, 2008.

The assets include equity and operatorship of Tern, Kestrel, Eider, Pelican, Cormorant North and South Cormorant fields (TENC-CA) and related infrastructure, a non-operated interest in Hudson, and equity interests in the Sullom Voe Terminal and Brent System.

TAQA Bratani will assume responsibility for the decommissioning liabilities relating to these fields and infrastructure. This concludes the transaction for which, sale and purchase agreements were signed between the parties on July 7, 2008.

TAQA has appointed John Wood Group PLC (Wood Group) as their initial operating and maintenance contractor and initial Duty Holder. A total of 133 Shell staff transferred employment to TAQA Bratani Limited in accordance with the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) as of Dec. 1, 2008.

Tom Botts, Executive Vice President, Shell Exploration & Production in Europe, said: "Active management of our assets is a key part of Shell's portfolio-based strategy. At Shell, we are committed to focus on where we can best use our people, capital and technologies, for competitive long-term returns. On a global basis Shell remains committed to Europe and the North Sea as a core business area and holds a key strategic position in security of energy supply to the UK."

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Australian Defence Minister Says Would Not Trust Submarine Firm to Build Canoe

Australia's defence minister has said he would not trust state-owned Australian Submarine Corp (ASC) "to build a canoe", fuelling expectations that most work in

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Norwegian Buys Ship from Princess Cruises

Norwegian Cruise Line Holdings Ltd. announces fleet expansion for Oceania Cruises in 2016; Sirena to join sister ships Insignia, Regatta and Nautica   Norwegian Cruise Line Holdings Ltd.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1202 sec (8 req/sec)