TAQA acquires 15% interest in North Sea Assets and is appointed Platform Operator

Tuesday, Aug 04, 2009

The Abu Dhabi National Energy Company PJSC (TAQA) today announced that it’s wholly owned subsidiary, TAQA Energy B.V. (TAQA Energy), has acquired a 15% interest in North Sea assets from the L11b Group, comprising Chevron Exploration and Production Netherlands B.V, DSM Energie B.V. and EBN for an undisclosed amount.  The deal is part of a transaction between the L11b Group and the L8-D Field Group, comprising TAQA Energy, Cirrus Energy Nederland B.V., DSM Energie B.V., Energy06 Investments B.V., EWE AG and EBN.

The acquisition consists of a 15% interest in the L8-D Unit, L11b-A production platform which services the L8-D gas field, and a pipeline connection to the Noordgastransport (NGT) pipeline.  The remaining 85% interest was acquired by the other members of the L8-D Field Group.

Following the acquisition, the L8-D Field Group has appointed TAQA Energy as operator to the L11b-A production platform with effect from 1 August 2009.  Cirrus Energy Nederland B.V. is the L11b licence operator.  First production is expected to begin before the end of the year.

Comment:

Paul van Gelder, TAQA Europe Managing Director, said: “With its increased presence in the region, TAQA has consistently demonstrated its reliability as a North Sea operator.  Today’s appointment is a clear recognition of this.  The arrangement leverages TAQA’s existing offshore operating capabilities and our infrastructure in the Netherlands; benefiting all parties by enabling the earliest possible start of production. Our focus now is to make certain that the transition is swift to ensure consistency in the development of the gas field.” 

On 29 July 2009, TAQA Energy announced it is acquiring DSM Energie Holding B.V. (DSM Energy). The intended acquisition is expected to close in Q3 2009, subject to regulatory approvals and notifications. DSM Energy is one of TAQA’s partners in the L8-D Group and its share will be transferred to TAQA Energy upon completion.

The L11b licence area and related assets are located approximately 50 km North of Den Helder, on the Dutch Continental Shelf.

- ENDS -

Contact Details:

TAQA Europe

Allan Virtanen

Public Relations Advisor

Tel: +31 20 79 75 116

allan.virtanen@taqaglobal.com

TAQA Investor Relations

Tanis Thacker

Head of Investor Relations

Tel: +971 2 661 4933

tanis.thacker@taqaglobal.com

Tom Fraser, Capital MS&L

Tel: +44 207 307 5338

tom.fraser@capitalmsl.com

Notes to editors:

About The Abu Dhabi National Energy Company PJSC (TAQA)

Founded in 2005, TAQA (Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base of AED 86 billion (US$ 23.5 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2008 revenue of more than AED 16 billion (US$ 4.4 billion), TAQA is a flagship corporation for the Government of Abu Dhabi. 

TAQA’s strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.

TAQA employs approximately 2,800 people from 41 different nations and operates from its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India. 

TAQA carries an Aa2 credit rating from Moody’s.

About TAQA in Europe

TAQA has a strong focus on expanding its upstream and midstream activities in Europe and North Africa.  At present some 1,000 people working for TAQA in Europe, located at operational assets or TAQA’s four European offices in Aberdeen, The Hague, Alkmaar, and Amsterdam.

About TAQA Energy B.V.

TAQA acquired BP Netherlands’ gas exploration and production assets including onshore, offshore and storage facilities in 2007, located in the Dutch Continental Shelf of the North Sea and in the region of Alkmaar in the North Western part of the Netherlands. These assets are operated under the subsidiary TAQA Energy B.V.

As operator, TAQA produces gas and condensate from wells located offshore in the P/15 and P/18 blocks and onshore in the Alkmaar region of the Netherlands. In 2008, the average daily production was 6.7 mboe (thousand barrels of oil equivalent).

TAQA also operates the Peak Gas Installation (PGI) natural gas storage facility in Alkmaar and is together with its partners developing a second gas storage facility in the Netherlands; the Bergermeer Gas Storage. 

At present there are approximately 170 people working for TAQA in the Netherlands, located at operational assets and TAQA offices in The Hague, Alkmaar and Amsterdam.

About Noordgastransport B.V.

Noordgastransport B.V. owns a major natural gas transmission pipeline system in the Dutch North Sea which transports gas produced offshore through a system of pipelines from gas fields in the North Sea to a processing plant in Uithuizen in the north of the Netherlands. Here, the gas is treated so that it matches customers’ specifications, before being delivered to these customers.

Partners in the L8D Group:

TAQA Energy B.V. - 15.000%

Cirrus Energy Nederland B.V. - 25.479%

DSM Energie B.V. - 2.880%

EBN - 41.900%

Energy06 Investments B.V. - 1.341%

EWE AG - 13.400%

 

Source: TAQA