• 29 Jul 2009
  • Europe

TAQA Expands North Sea Upstream and Midstream Positions with Purchase of DSM Energy

Abu Dhabi / The Hague – The Abu Dhabi National Energy Company PJSC (TAQA) today announced that its wholly owned subsidiary, TAQA Energy B.V. (TAQA Energy), has reached an agreement with Netherlands based Life Sciences and Materials Sciences company Royal DSM N.V., to purchase 100% of the share capital of its wholly owned subsidiary DSM Energie Holding B.V. (DSM Energy). The intended acquisition is expected to close in Q3 2009, subject to regulatory approvals and notifications.Under the terms of the transaction, TAQA Energy will acquire non-operated interests in the pipeline company Noordgastransport B.V. (NGT), three other pipelines and 20 producing oil and gas fields in the Dutch North Sea. Further, the assets will provide TAQA Energy with an additional daily production of approximately 5,000 barrels of oil equivalent (boe) (2008 average) of which 85% is natural gas. The enterprise value of the transaction is EUR 285 million (USD 404 million). Most of the value is assigned to interests in the midstream assets.Commenting on the announcement, Paul van Gelder, TAQA Energy Managing Director, stated: “Building on our European operations forms a key pillar of TAQA’s strategy to create a diversified, global energy company. The transaction we have announced today will increase our production and enhance our footprint in the North Sea, while generating low risk, stable cash flows. In addition, the interest in the NGT pipeline compliments our existing portfolio with Bergermeer Gas Storage in development and will help establish TAQA as a key pan-European midstream player.”DSM Energy participates as non-operator in the exploration and production of oil and gas on the Dutch Continental Shelf with stakes of up to 25%. The company is also involved in the transportation of oil and gas through its ownership of pipelines.- ENDS -Contact Information for Media:Allan Virtanen
TAQA Media Relations, Abu Dhabi
Tel +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

Subscribe to Taqa Global.