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Fri 8 Feb 2008 04:00 AM

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TAQA closes deals and keeps execs

The Abu Dhabi National Energy Company continues its international expansion.

The Abu Dhabi National Energy Company (TAQA) closed two more acquisition deals in January and collected a number of senior executives into the bargain.

The company's wholly-owned subsidiary TAQA Bratani closed its acquisition of Talisman Energy's non-operated interests in the Brae Area of the United Kingdom continental shelf (UKCS) on the last day of 2007. TAQA also announced that its subsidiary TAQA North has closed its acquisition of PrimeWest, with the approval of the Canadian government.

"[The] closing of the Brae investment is another important milestone in TAQA's growth and evolution," said Peter Barker-Homek, TAQA's CEO. "Our investment in Brae presents the ideal entry position into the UKCS upstream oil and gas market. The Brae Area infrastructure has significant future growth potential and provides a robust, reliable base for TAQA to build and grow our UK business."

Homek described the PrimeWest deal as a 'great addition to TAQA North's existing operations in Canada'. TAQA North's 2008 development programme consists of a capital expenditure commitment of C $500 million, targeting reserve replacement of approximately 140%.

"The closing of this transaction is an important milestone in our company's history," said Homek. "TAQA is one of the first state-backed enterprises to become a major oil and gas company outside its country of origin, and aspires to be a standard bearer for how such enterprises conduct themselves in overseas markets," he added.

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