• 15 Sep 2010
  • Europe

TAQA Strengthens North Sea Footprint

Abu Dhabi, UAE – The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today announced its wholly owned subsidiary, TAQA Bratani Limited (TAQA Bratani) has signed a Sale and Purchase Agreement (SPA) relating to TOTAL’s entire equity stake of 81% in production licences for two blocks (P.226 Block 210/15a and P.1021 Block 210/20d) in the Otter Field Development Area (Otter).Otter lies adjacent to TAQA Bratani’s existing North Sea interests, purchased in 2008, and is a sub-sea tieback to the TAQA Bratani operated Eider Platform. Average daily production year to date from the Otter Field is approximately 8,000 barrels of oil per day.H.E. Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of TAQA, said: “This transaction again underscores our long-term commitment to the North Sea. Since entering the North Sea, TAQA has gained first hand operational expertise of operating mature fields in the area and we are confident of the opportunity to optimise the asset efficiently. We have a world class team in place and, with the addition of this adjacent property, we have a clear opportunity to add to TAQA’s overall oil and gas production levels efficiently.”Leo Koot, Managing Director of TAQA Bratani, said: “Our investment in the North Sea demonstrates the potential we see to extend the productive life and commercial viability of mature oil and gas fields. This transaction is an excellent fit with our strategic objectives and again presents us with the opportunity to grow production and further develop the blocks.”The sale is subject to regulatory approval and third party consents.- ENDS -CONTACT TAQA:TAQA Media RelationsAllan Virtanen
Group Corporate Communications Advisor
+ 31 64 61 47 448
allan.virtanen@taqa.comTAQA Investor RelationsTanis Thacker
Head of Investor Relations
+971 2 691 4933
tanis.thacker@taqa.comMohammed Mubaideen
Investor Relations Manager
+971 2 691 4964
mohammed.mubaideen@taqa.comNOTES TO EDITORSAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 138,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.About TAQA BrataniTAQA Bratani Limited – wholly-owned by the Abu Dhabi National Energy Company PSJC (TAQA) – was incorporated in 2006 to oversee TAQA’s investments in the UK. Based in Aberdeen, TAQA Bratani is an exploration and production company working on the United Kingdom Continental Shelf (UKCS).Our strategy is to become a leading exploration and production company in the UKCS. We are committed to building a successful, long-term future for our growing North Sea portfolio.As at 31 December 2009, TAQA Bratani had proven and probable reserves of approximately 111 million barrels of oil equivalent and an average production of 41 thousand barrels of oil equivalent per day.TAQA Bratani’s portfolio consists of our Brae assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. We have 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant and Pelican Fields. And we have a combined 26.73% interest in the Dana- operated Hudson field and a 24% interest in the Sullom Voe Terminal.TAQA Bratani also operates the Brent Pipeline System on behalf of ourselves and our partners in the North Sea.Approximately 400 employees and 800 contractors and subcontractors work for TAQA Bratani in the UKCS and onshore.About OtterThe Otter Field was discovered in 1977 and came on to production in 2002. The field lies 150km north east of Shetland; in water depth of 182m.The field is a sub-sea tieback to the TAQA Bratani operated Eider Platform.The field produces approximately 8,000 barrels of oil per day.Oil is exported to the Sullom Voe Oil Terminal in Shetland via the TAQA Bratani-operated Brent system.

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