TAQA Bratani will assume responsibility for the decommissioning liabilities relating to these fields and infrastructure.
This concludes the transaction for which, Sale and Purchase Agreements were signed between the parties on 7th July 2008.
TAQA has appointed John Wood Group PLC (Wood Group) as their initial operating and maintenance contractor and initial Duty Holder.
A total of 133 Shell staff transferred employment to TAQA Bratani Limited in accordance with the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) as of 1st December 2008.
Tom Botts, Executive Vice President, Shell Exploration & Production in Europe, said: “Active management of our assets is a key part of Shell’s portfolio-based strategy. At Shell, we are committed to focus on where we can best use our people, capital and technologies, for competitive long-term returns. On a global basis Shell remains committed to Europe and the North Sea as a core business area and holds a key strategic position in security of energy supply to the UK.”
The TENC-CA assets are located in the UK’s northern North Sea in water depth of between 150 m to 167 m, ranging from approximately 99 km – 114 km north-east of Lerwick in Shetland. Current production from TENC-CA is approximately 20,000 barrels of oil equivalent per day (boe/d) – Shell share. (This represents approximately 2% of our European production of some 1 million boe/d).
In 2007 Shell’s production was approximately 297,000 barrels of oil equivalent (boe) per day in the UK. (source Royal Dutch Shell plc Annual Report 2007). This is over 10% of the UK’s 2007 production of 2.8 million boe per day (source Oil & Gas UK). In conjunction with its co-venturers, Shell operates around 20% of the UK’s production of oil and gas.
Shell U.K. Limited is operator in the UK sector of the North Sea on behalf of Shell, Esso and other co-venturers.