Taqa eyes upstream operations
100,000 bpd output and one billion barrel reserves in the target list
Posted: 07 August 2007
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Abu Dhabi National Energy Company (TAQA) is planning to diversify its activities to become an oil exploration and production (E&P) company to support its ambitious global acquisition programme, the company said last month.
In a joint statement, Taqa’s executives announced that the company’s near-term growth aspiration is to become an E&P company with production of 100,000 bpd and one billion barrels equivalent in proven reserves.
The company, which has been in a concerted E&P growth mode since early this year, said that it would improve the efficiency of existing operations in ten countries and continue to apply emerging technologies to make TAQA a best-in-class E&P company.
For this purpose, the company has appointed Steve Bowyer as Head of Upstream Exploration and Production effective 23 July of this year, and he will have responsibility for all global E&P assets.
“TAQA is an acquisitive company, but our focus will always be on the excellence of our operations, and Upstream E&P is at the heart of our global growth strategy,” said Peter Barker Homek, Chief Executive Officer of Abu Dhabi National Energy Company PJSC.
“Steve Bowyer is an industry veteran and brings significant experience to his position at TAQA. We believe that he is ideally placed to influence and oversee TAQA’s upstream development.”
Based in TAQA’s Abu Dhabi headquarters office, Bowyer is a seasoned reservoir engineer and has held Deputy OIM and Asset Manager roles with such industry players as Petroleum Engineering Services, J.P. Kenny Caledonia, J.
Ray McDermott, and Talisman Energy UK .
TAQA announced in January 2007 that it had agreed to purchase Talisman Energy’s non-operated interests in the Brae assets of the UK North Sea.
In February 2007, TAQA said that it had begun its management of newly acquired BP Netherlands gas exploration and production (E&P) assets, ideally positioning it in the heart of Europe ’s burgeoning energy sector.
Three months later, it announced the purchase of Northrock Resources Ltd, a Canadian group with a best-in-class exploration and production team.
TAQA is an energy investment company established in June 2005 pursuant to the provisions of Emiri Decree in 2005 as a public joint stock company (PJSC). The government of Abu Dhabi through ADWEA owns 51 per cent.
ADWEA transferred 24.1 per cent of its shareholding to the Fund for the Support of Farm Owners in the Emirate of Abu Dhabi (the "Farm Owners'
Fund'') to provide farmers with an income stream and provide longer-term support to farming in the Emirate of Abu Dhabi.
TAQA holds a majority stake in six of the nine Independent Water and Power Producers (IWPP) in the Emirates transferred from ADWEA to TAQA. The company’s consolidated total assets as at 30 September 2006 stood at almost $nine nine billion. |
