The Abu Dhabi National Energy Company PJSC (TAQA), confirmed today that it has, through its wholly owned subsidiary TAQA Bratani Limited, entered into exclusive negotiations with Shell U.K. Limited (Shell) and Esso Exploration and Production (UK) Ltd (ExxonMobil) for the purchase of their equity interests in the Tern, Eider, Cormorant North, South Cormorant fields and related sub-sea satellite fields and infrastructure, situated in the Northern North Sea.

This arrangement does not constitute a purchase agreement at this stage and any purchase by TAQA will be subject to satisfactory completion of due diligence and the negotiation of a sale and purchase agreement with the sellers, Shell and Esso.

In relation to today’s announcement, TAQA have signed Heads of Agreement that, subject to proceeding with the agreement and to regulatory approval, TAQA appoints Wood Group Engineering (North Sea) Ltd (Wood Group) as the initial Duty Holder providing full integrated services. The intention is for TAQA to become Duty Holder in due course with Wood Group continuing to provide integrated services.