• 03 Sep 2009
  • Europe

Abu Dhabi National Energy Company PJSC (TAQA) completes purchase of North Sea acreage from Shell and ESSO

ABU DHABI, UAE, and ABERDEEN, UK– The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), announced today that its wholly owned subsidiary, TAQA Bratani Limited (TAQA Bratani), has completed an acquisition of four exploration blocks in the Northern North Sea from Shell U.K. Limited and Esso Exploration and Production (UK) Limited (“the Vendors”).  The sale completed for an undisclosed consideration.This exploration acreage comprises:P.296: Block 210/25a Rest of Block; Block 211/21a3 Rest of Block; Block 211/16c AllandP.945: Block 210/20f Alland lies close to interests acquired in 2008 by TAQA Bratani, which includes four oil producing platforms – Cormorant Alpha, North Cormorant, Tern and Eider.This transaction has received regulatory approval and consent from third parties.Comment:Leo Koot, Managing Director TAQA Bratani, said: “This deal further underlines TAQA’s commitment to developing the remaining reserves in the North Sea and is an ideal fit with our existing equity. These blocks lie adjacent to the Tern and Kestrel fields purchased by TAQA in the Northern North Sea last year and as such represent a clear opportunity to enhance our production while utilising existing infrastructure. This will not only maximise indigenous production for the UK but will also ensure our environmental impact is kept to a minimum.TAQA’s continued investments in the North Sea over the past year reflect our view that there is significant potential to develop our upstream operations and further establish TAQA as a leading North Sea E&P operator.”- 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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