• Wednesday, 16 May, 2012

Taqa plans Fairfield farm-in

Commitment: Taqa Bratani chief executive Leo Koot said his company was committed to the North Sea.

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Andrew Hobbs , Andrew Hobbs , Andrew Hobbs , Andrew Hobbs

 13 February 2012 08:23 GMT

The Abu Dhabi National Energy Company, also known as Taqa, will farm-in to three oil and gas licences in the North Sea held by UK independent Fairfield Energy.

Taqa arm Taqa Bratani will acquire a 50% interests in the licences P184, P474 and P1634 under the deal, in exchange for an undisclosed cash payment and carrying out a work programme on the licences.

Collectively known as the Darwin acreage, the licences comprise the North West Hutton blocks 211/27a and 211/27c, together with an extension into block 211/27e, in the Northern North Sea.

The licences are located next to the Taqa-operated North Cormorant and Pelican fields, about 130 kilometres northeast of the Shetland Islands.

Fairfield had originally acquired an 0.1% portion of the North West Hutton blocks from BP subsidiary Amoco Exploration in September 2009 – but that position was set to increase to 100% by 2 July 2012.

Block 211/27e was awarded to Fairfield under licence P1634 in a November 2008 licensing round with a one well commitment.

Fairfield said it expected the P1634 farmout to be completed in February while the farmout on licences P184 and P474 was expected to be complete by the end of July, subject to the approval of the UK Department of Energy and Climate Change and other third parties.

Fairfield chief executive Chris Wright said his company was looking forward to working with Taqa.

“This deal means that Fairfield continues to have significant exposure to exploration and appraisal potential in the Darwin area,” he said.

This would come “(while) allowing the Company to focus on increasing production at Dunlin, advancing the other development projects in our inventory and directing significant funds into new business activities designed to further broaden the portfolio.”

Taqa Bratani chief executive Leo Koot said the deal was an opportunity for his company to expand its North Sea interests.

"The activity that will result from this transaction and other agreements we have entered into during the past year speak directly to our long-term commitment to the region,” he said.

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