UAE's energy and utilities company TAQA, which had announced plans to exit its Dutch upstream assets as part of a strategic review of its oil and gas portfolio, has entered into definitive agreements with Waldorf Energy Netherlands BV to sell all its stakes.
In a regulatory statement on Abu Dhabi Securities Exchange on Thursday, the energy company said the agreements related to the sale of 100% of its ownership in the upstream oil and gas business in the Netherlands.
The transaction is subject to obtaining applicable regulatory and other third-party approvals, it added. The company didn't disclose financial terms for the deal.
TAQA's Dutch assets include the Bergen II production area and P15 and P18 oil and gas production blocks in the Dutch North Sea, according to its website.
Following a strategic review TAQA said in July it has explored the potential sale of certain of its assets amid a focus on developing its renewables business.
(Reporting by Brinda Darasha; editing by Seban Scaria)