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BP sells US$1.1 billion of North Sea assets to TAQA

BP sells US$1.1 billion of North Sea assets to TAQA

Report summary

On 28 November 2012, TAQA announced it had acquired BP's share in a package of assets in the UK. The package includes an operated interest in Devenick, Maclure and Harding, along with a non-operated interest in Braemar and the Brae Complex fields. The consideration paid is US$1.058 billion (£661 million). The deal is effective from 1 January 2012. However, the sale of Devenick has an effective date of 1 January 2013. The deal includes future additional payments, which BP ...

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  • BP sells US$1.1 billion of North Sea assets to TAQA PDF - 362.27 KB 8 Pages, 6 Tables, 0 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Devenick
    • Harding
    • Maclure
    • Brae Complex
    • Braemar
  • Deal analysis
  • Upsides and risks
    • Upside
    • Risks
  • Strategic rationale
    • TAQA
    • BP
  • Oil & gas pricing and assumptions

In this report there are 6 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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