TAQA Completes Purchase of North Sea Acreage from Shell U.K. and Esso

Friday, Sep 04, 2009

The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that its wholly owned subsidiary, TAQA Bratani Limited (TAQA Bratani), has completed an acquisition of four exploration blocks in the Northern North Sea from Shell U.K. Limited and Esso Exploration and Production (UK) Limited (“the Vendors”).  The sale completed for an undisclosed consideration. 

This exploration acreage comprises:

P.296: Block 210/25a Rest of Block; Block 211/21a3 Rest of Block; Block 211/16c All

and

P.945: Block 210/20f All

and lies close to interests acquired in 2008 by TAQA Bratani, which includes four oil producing platforms -  Cormorant Alpha, North Cormorant, Tern and Eider.

This transaction has received regulatory approval and consent from third parties.

Comment:
Leo Koot, Managing Director TAQA Bratani, said: “This deal further underlines TAQA’s commitment to developing the remaining reserves in the North Sea and is an ideal fit with our existing equity. These blocks lie adjacent to the Tern and Kestrel fields purchased by TAQA in the Northern North Sea last year and as such represent a clear opportunity to enhance our production while utilising existing infrastructure. This will not only maximise indigenous production for the UK but will also ensure our environmental impact is kept to a minimum.

TAQA’s continued investments in the North Sea over the past year reflect our view that there is significant potential to develop our upstream operations and further establish TAQA as a leading North Sea E&P operator.”

Contact Details:

TAQA
Tanis Thacker, TAQA Abu Dhabi
Head of Investor Relations
Tel.: +971 2 661 4933
tanis.thacker@taqaglobal.com

Anne Blaydon, TAQA Bratani Limited
Tel: 01224 275565
anne.blaydon@taqaglobal.com

MS&L Capital
Anna Mitchell, Capital MS&L
Tel: +44 207 307 5341
anna.mitchell@capitalmsl.com

Tom Fraser, Capital MS&L
Tel: +44 207 307 5338
tom.fraser@capitalmsl.com

 

TAQA Bratani Limited

TAQA Bratani Limited is a fully integrated Upstream Exploration and Production company working in the UKCS. The company is wholly-owned by the Abu Dhabi National Energy Company PSJC (TAQA). TAQA Bratani’s strategy is to become a leading exploration and production company in the UKCS integrated with TAQA’s other European subsidiaries. It is committed to building a successful, long-term future for its growing North Sea portfolio.

TAQA Bratani’s portfolio consists of the Brae assets (which includes significant interests in the South, North, Central, West and East Brae fields, the Beinn field, Braemar field, as well as the SAGE pipeline and onshore terminal and the Brae-Miller Linkline), 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields, a combined 26.73% interest in the Dana operated Hudson field. TAQA Bratani operates the Brent System on behalf of co-venturers and holds a 24% interest in the Sullom Voe Oil Terminal.                                                                       
                                                                                                                           
TAQA Bratani’s development program for its operated assets consists of a capital expenditure commitment of £500 million to be made over the next three years.

TAQA Bratani employs directly and indirectly some 800 personnel in the UKCS and onshore.

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.

TAQA Bratani Limited, registered in England and Wales with registration number 05975475 and having its registered office at 5 Old Bailey, London, EC4M 7BA

 

 

Source: TAQA