TAQA Completes Acquisition Of North Sea Assets From Shell And Esso |
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ABU DHABI, UAE, and ABERDEEN, UK - The Abu Dhabi National Energy Company PJSC (TAQA)The Abu Dhabi National Energy Company PJSC (TAQA)
, a publicly listed company on the Abu Dhabi Securities Exchange, announced today that its wholly owned subsidiary, TAQA Bratani Limited (TAQA Bratani), has completed its $631 million acquisition of seven oil fields from Shell U.K. Limited and Esso Exploration and Production (UK) Limited. The sale includes 100% interest and operatorship of the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields, and a combined 26.73% interest in the Dana operated Hudson field together with a 16% interest in the Brent System and a 24% interest in the Sullom Voe Terminal.
TAQA Bratani's development program consists of a capital expenditure commitment of £500 million to be made over the next three years. In addition, TAQA Bratani will assume responsibility for the future decommissioning liabilities relating to these fields.
Commenting on the acquisition, Peter Barker-Homek, TAQATAQA
's chief executive officer, said: "The completion of this transaction is another important milestone for our company. TAQATAQA
is now an important producer in the UK North Sea and will play a significant role in its future; driving development, creating employment and stimulating prosperity in the area. "The financial commitment we are making today will extend the productive life of these fields and, when combined with our existing UK and Dutch North Sea base, brings us one step closer to our strategy of building a diverse global portfolio of energy businesses across the value chain.
"These assets are undoubtedly a great addition to our existing operations and provide TAQATAQA
with scale. However, the value of the people we now have within our group as a result should not be underestimated. More than three decades of the North Sea oil and gas industry has created a concentrated workforce with world class skills and a depth of experience which we intend to draw from as we seek to increase our European asset base and workforce."TAQATAQA
has engaged Wood Group Engineering (North Sea) Ltd, a subsidiary of John Wood Group PLC ("Wood Group"), for the provision of operating and maintenance activities and to act as Duty Holder for TAQATAQA's offshore assets in the Northern North Sea. TAQATAQA plans to assume the role of Duty Holder for these assets within 9 to 18 months, with Wood Group continuing to be TAQATAQA's operating and maintenance contractor.- Ends -
About Abu Dhabi National Energy Company PJSC (TAQATAQA
)About Abu Dhabi National Energy Company PJSC (TAQATAQA
)Founded in 2005, TAQATAQA
(Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base of AED 85 billion (US$ 23.4 billion). One of the largest companies listed on the Abu Dhabi Securities Exchange (ADX), with 2007 revenue of more than AED 8 billion (US$ 2 billion), TAQATAQA is a flagship corporation for the Government of Abu Dhabi.TAQATAQA
'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.TAQATAQA
employs approximately 2,800 people from 38 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.TAQATAQA
carries Aa2 and AA- credit ratings from Moody's and S&P respectively. TAQATAQA in Europe
TAQATAQA has a strong focus on expanding its upstream activities in Europe and North Africa.In the Netherlands, TAQATAQA 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. TAQATAQA's assets in the North Sea are operated under the subsidiary TAQATAQA Energy B.V.
At present there are approximately 200 people working for TAQATAQA in Europe, located at operational assets or TAQATAQA's four European offices in The Hague, Alkmaar, Amsterdam and Aberdeen.
About 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 (TAQATAQA).
In the UK, TAQA Bratani Limited has acquired the Brae assets from Talisman Energy (UK) Limited, and completed the Drum Farm-in (an exploration prospect near Brae) with Reach Exploration (UK) Limited. In July 2008, TAQA Bratani Limited signed a Sale and Purchase Agreement with Shell U.K. Limited and Esso Exploration and Production (UK) Limited to purchase the equity pertaining to operating licenses for six offshore fields situated in the Northern North Sea.
TAQA Bratani Limited's strategy is to become a leading exploration and production company in the UKCS integrated with TAQATAQA's other European subsidiaries. It is committed to building a successful, long-term future for its growing North Sea portfolio.
For more information, please contact:
TAQA
Anne Blaydon, TAQATAQA
Tel.: +44 1224 275565
Email: anne.blaydon@taqa.eu
Geesje van Niejenhuis
TAQATAQA
Tel.: +31 20 7975100
Email: geesje.vanniejenhuis@taqa.eu
Claire Maloney
Capital MS&L
Tel: +44 207 307 5341
Email: claire.maloney@capitalmsl.com
Nick Bastin
Capital MS&L
Tel: +44 207 255 5117
Email: nick.bastin@capitalmsl.com
John Wood Group plc
Carolyn Smith, Wood Group
Tel: +44 (0)1224 851099
Email: Carolyn.Smith@woodgroup.com
© Press Release 2008
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