Taqa completes acquisition of Brae assets
Posted: 07 January 2008
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The Abu Dhabi National Energy Company (Taqa) has announced that its wholly-owned subsidiary Taqa Bratani Ltd has closed its acquisition of Talisman Energy (UK) Ltd’s non-operated interests in the Brae Area of the United Kingdom Continental Shelf (UKCS).
Taqa Bratani agreed to purchase Brae from Talisman Energy Inc.’s wholly owned UK subsidiaries Talisman Energy (UK) Limited and Talisman LNS Limited on the 20th December 2006 .
 “Our vision is to establish Taqa as a global energy company that now has $21billion in high quality assets diversified across the value chain,” said Peter Barker-Homek, Chief Executive Officer, Taqa.
“Our investment in Brae presents the ideal entry position into the UKCS Upstream Oil & 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.”
Taqa’s investment in Brae and Taqa Bratani’s future growth will be led by Steve Bowyer, Head of Upstream Exploration and Production, and the Taqa Bratani team based in Aberdeen . The company intends to establish a new operational headquarters in Aberdeen during the second half of 2008.
Talisman’s net production from the Brae assets for 2007 averaged approximately 14,600 barrels per day.
As at December 31, 2006 proved reserves were 18.5 mmboe, with proved plus probable reserves of 34 mmboe.
“This asset transaction increases our European position, where we have been active in the Netherlands with TAQA Energy since February 2007, investing significant resource to optimise performance and maintain the highest possible operational and safety standards. This culture of continuous improvement does not just apply to the assets we buy, but equally to the people we work with and the communities we serve. Our commitment to our partners and our people is unwavering,” Barker-Homek added. |
