CMS Cameron McKenna advises TAQA on purchase of North Sea assets from Shell and Esso
15.07.2008
CMS Cameron McKenna LLP has advised TAQA Bratani Limited (TAQA Bratani), a wholly owned subsidiary of The Abu Dhabi National Energy Company PJSC (TAQA), on its Sale and Purchase Agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited (Shell and Esso) to purchase the equity for six offshore fields and two non-operated fields, in the shelf of the northern sector of the UK continental.
The sale included the production licenses and related infrastructure for Shell and Esso’s Tern, Eider, Cormorant North, South Cormorant, Kestrel, Pelican, Hudson and Otter fields.
CMS Cameron McKenna has been advising TAQA for two years, with most advice coming from the firm’s energy and corporate teams. For this deal energy partner Bob Palmer led the team at CMS Cameron McKenna, with significant input from partners Norman Wisely and Eleanor Layton and senior associate, Andrew Shaw.
“We believe that the North Sea continues to offer significant potential for companies like TAQA,” commented Bob Palmer. “We were thrilled to be able to work on such a significant deal for our client - helping them towards their strategy of building a global energy company, with assets in North America, Europe and the Middle East. The TAQA team is extremely dynamic and professional and a pleasure to work with. The transaction highlights CMS Cameron McKenna’s strength in the Energy sector and our ability to develop strong client relationships. ”
Goldman Sachs International acted as financial adviser and Ernst & Young as tax adviser to TAQA in respect of the transaction. The transaction remains subject to regulatory approvals and third party consents and closing of the transaction is expected to occur within the fourth quarter of 2008.
This transaction comes at the end of a busy first half of the year for CMS Cameron McKenna’s Energy & Utilites sector group, having already advised on a number of major projects, including the:
- Purchase by MOL Hungarian Oil and Gas Public Limited Company of Tullow equity in acreage in Cameroon
- Disposal for OMV and Statoil of their equity in the Dunlin Field, Brent System and Sullom Voe Terminal
- Disposal for Talisman of its non-operated interest in the Brae fields in the North Sea, with a deal value of US$550 million
|