Norway: TAQA Strengthens North Sea Footprint

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  has signed a Sale and Purchase Agreement 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 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.

[mappress]

Source: taqa, September 16, 2010;