Abu Dhabi raises stake in North Sea

TAQA, Abu Dhabi’s state energy firm, is raising its stake in the North Cladhan area of the North Sea and will take over as project operator by the end of the summer, writes Kristy Dorsey.

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.