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Middle East company enhances footprint in the North Sea

04 August 2009

The Abu Dhabi National Energy Company has announced that its wholly owned subsidiary, TAQA Energy has purchased 100% of the share capital of DSM Energy.
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.

TAQA's P15 Platform offshore the Netherlands.
TAQA's P15 Platform offshore the Netherlands.

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

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