(Xinhua)
Updated: 2008-03-15 15:35

ABU DHABI -- The Abu Dhabi National Energy Company (Taqa) of the United Arab Emirates (UAE) is in talks with Shell and ExxonMobil to acquire their equity interests in several fields and infrastructure in the North Sea, local newspaper Gulf News reported on Saturday.

Taqa is interested in the Tern, Eider, Cormorant North, South Cormorant fields and related sub-sea satellite fields and infrastructure in the North Sea, according to the report.

The negotiations are being conducted by Taqa's wholly-owned subsidiary Taqa Bratani.

"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 ExxonMobil, " the company said.

The three-year-old Taqa made several strategic acquisitions in 2007, including BP Netherlands' gas exploration and production assets and the upstream petroleum exploration company Pioneer Canada.

Established in 2005, Taqa is an energy investment company, 51 percent of which is owned by Abu Dhabi government, 24.1 percent by the Farm Owners' Fund of Abu Dhabi, and the rest 24.9 percent by shareholders.

It currently has investments, assets and operations in nine countries.