• 14 Mar 2008
  • Europe

Abu Dhabi National Energy Company PJSC (TAQA) Confirms Exclusive Negotiations With Shell U.K. Limited and ESSO Exploration On Northern North Sea Assets

Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (TAQA), confirmed today that it has, through its wholly owned subsidiary TAQA Bratani Limited, entered into exclusive negotiations with Shell U.K. Limited (Shell) and Esso Exploration and Production (UK) Ltd (ExxonMobil) for the purchase of their equity interests in the Tern, Eider, Cormorant North, South Cormorant fields and related sub-sea satellite fields and infrastructure, situated in the Northern North Sea.This arrangement does not constitute a purchase agreement at this stage and any purchase by TAQA will be subject to satisfactory completion of due diligence and the negotiation of a sale and purchase agreement with the sellers, Shell and Esso.In relation to today’s announcement, TAQA have signed Heads of Agreement that, subject to proceeding with the agreement and to regulatory approval, TAQA appoints Wood Group Engineering (North Sea) Ltd (Wood Group) as the initial Duty Holder providing full integrated services. The intention is for TAQA to become Duty Holder in due course with Wood Group continuing to provide integrated services.- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL

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