• 04 Aug 2009
  • Europe

TAQA acquires 15% interest in North Sea Assets and is appointed platform operator

Abu Dhabi / The Hague – The Abu Dhabi National Energy Company PJSC (TAQA) today announced that it’s wholly owned subsidiary, TAQA Energy B.V. (TAQA Energy), has acquired a 15% interest in North Sea assets from the L11b Group, comprising Chevron Exploration and Production Netherlands B.V, DSM Energie B.V. and EBN for an undisclosed amount. The deal is part of a transaction between the L11b Group and the L8-D Field Group, comprising TAQA Energy, Cirrus Energy Nederland B.V., DSM Energie B.V., Energy06 Investments B.V., EWE AG and EBN.The acquisition consists of a 15% interest in the L8-D Unit, L11b-A production platform which services the L8-D gas field, and a pipeline connection to the Noordgastransport (NGT) pipeline. The remaining 85% interest was acquired by the other members of the L8-D Field Group.Following the acquisition, the L8-D Field Group has appointed TAQA Energy as operator to the L11b-A production platform with effect from 1 August 2009. Cirrus Energy Nederland B.V. is the L11b licence operator. First production is expected to begin before the end of the year.Paul van Gelder, TAQA Europe Managing Director, said: “With its increased presence in the region, TAQA has consistently demonstrated its reliability as a North Sea operator. Today’s appointment is a clear recognition of this. The arrangement leverages TAQA’s existing offshore operating capabilities and our infrastructure in the Netherlands; benefiting all parties by enabling the earliest possible start of production. Our focus now is to make certain that the transition is swift to ensure consistency in the development of the gas field.”On 29 July 2009, TAQA Energy announced it is acquiring DSM Energie Holding B.V. (DSM Energy). The intended acquisition is expected to close in Q3 2009, subject to regulatory approvals and notifications. DSM Energy is one of TAQA’s partners in the L8-D Group and its share will be transferred to TAQA Energy upon completion.The L11b licence area and related assets are located approximately 50 km North of Den Helder, on the Dutch Continental Shelf.- ENDS -Partners in the L8D Group: TAQA Energy B.V. 15.000% Cirrus Energy Nederland B.V.25.479%DSM Energie B.V.2.880%EBN41.900%Energy06 Investments B.V.1.341%EWE AG13.400%Contact Information for Media: About 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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