Abu Dhabi raises stake in North Sea
The firm is paying an initial $47 million (£29.1m) for a 13.5 per cent interest in blocks 210/29a and 210/30a in the northern sector. The stake is being sold by Canadian-listed Sterling Resources, which will use the cash to help fund further exploration in offshore Romania.
Upon completion of the deal, Taqa will have a 40.1 per cent interest in North Cladhan, while Sterling Resources will own 26.4 per cent of the project. The remainder is in the hands of a third partner, Wintershall, which is owned by German chemicals giant BASF. Cladhan lies just 11 miles from Taqa’s Tern platform off Shetland.