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Last Updated: Friday, 14 March 2008, 14:42 GMT
North Sea oil field negotiations
Tern alpha platform
Included in the talks are interests in the Tern oilfield
Shell and Esso have entered into exclusive negotiations with the Abu Dhabi National Energy Company, TAQA, it has been announced.

The talks concern the sale and transfer of their interests in a number of North Sea oilfields to TAQA.

They are Tern, Eider, Cormorant North and South Cormorant, which were put up for sale in June last year.

If the deal goes ahead the fields will be taken over by TAQA, with services provided by Aberdeen-based Wood Group.

Shell has said that the assets involved in Friday's announcement represented about 2% of their European production.

A planned expansion of Shell's Aberdeen operational headquarters was abandoned when the sale-decision was announced last June.

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