TAQA Acquires 15% Interest In North Sea Assets And Is Appointed Platform Operator

abarrelfullabarrelfull wrote on 16 Jan 2013 08:37

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04 Aug 2009

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.

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