Taqa earns $272 million from global venture in 2007
Posted: 04 February 2008
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Abu Dhabi National Energy Company’s (Taqa) profits grew by 107% to Dh1 billion ($272.33 million) in 2007, marking an eventful year of strategic buyouts for portfoliobuilding.
Preliminary revenues grew by 65% to Dh8 billion, from Dh4.8 billion in 2006. And total assets grew by 30% to Dh68 billion in 2007, Taqa has positioned itself as a global energy company with its valued assets globally.
“The last year has seen Taqa transform itself into a global energy business. The dramatic reshaping of our business to encompass all aspects of the energy value chain, from upstream to mid and downstream, has created new opportunities for Taqa around the world,” said Peter Barker-Homek, Chief Executive Officer, Taqa.
With its diverse acquisition worldwide, the UAE-based energy firm now operates in 9 countries, and employs 2,300 people who come from 38 different nations with its acquired assets globally.
In January, the company announced its agreement to purchase Talisman's Brae assets. This purchase was completed on 31 December.
Taqa later completed its acquisition of BP Netherland’s gas exploration and production (E&P) assets. Both deals position Taqa at the heart of the North Sea Oil basin. In April 2007, Taqa declared a dividend of Dh207.5 million to its shareholders.
During the second quarter, the company completed its acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy as well as the acquisition of ownership interests held by ABB in Morocco and India, providing Taqa with a portfolio of quality assets in Morocco, Saudi Arabia, Ghana, UAE and India for an aggregate consideration of $1.4 billion.
The third quarter of 2007 marked the beginning of Taqa's entry into Canada. In August, Taqa acquired from Pogo 100% of Northrock Resources Ltd. (NRL), a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin for a total purchase price of $2 billion. This company has subsequently been renamed as Taqa North Limited.
Also that month, Taqa announced a $540 million acquisition of Pioneer Canada, an oil and gas exploration and production company with operations in the Western Canadian Sedimentary Basin. The transaction was completed in November 2007.
In September, Taqa through Taqa North announced the acquisition of PrimeWest Energy Trust, a Calgary-based conventional oil and gas royalty trust. The total consideration paid for the transaction was approximately Canadian $5 billion. The transaction was completed on January 16, 2008.
In October, the company signed a Letter of Intent with Kuwait Energy Company (KEC), a Kuwait-based oil exploration and production company, in respect of opportunities in the oil and gas sector in Egypt, Oman, Yemen, Syria, Iraq, Kazakhstan and Iran.
In November, Taqa completed the sale of 40% of Emirates CMS Power Company, acquired from CMS, to Marubeni Corporation.
“By diversifying our operations into several new markets during the course of the year we have now created an enviable global footprint, offering an attractive spread of market and operational risk. While the pace of development has been dramatic, we remain focused on swiftly integrating these assets to ensure they reach their full potential as part of Taqa,” Barker-Homek added. |
