• 16 Aug 2007
  • North America

TAQA North Begins Operations

Abu Dhabi, United Arab Emirates and Calgary, Canada.Completed Acquisition Sees Start of “New Era” for Canadian Oil and Gas LeaderBeginning today, Abu Dhabi National Energy Company (ADSM: TAQA) will own and operate TAQA North Ltd, following the completion of the acquisition of Northrock Resources Ltd, a subsidiary of the US firm Pogo Producing Company (NYSE: PPP) for US$2 billion.The new entity, TAQA North, is set to provide TAQA with an additional 142 million barrels of proven oil and gas reserves, over 37,000 boe/d (gross) and a best-in-class exploration and production team.As a Calgary-based oil and gas exploration production company, TAQA North has access to significant development and exploration opportunities in Saskatchewan and Alberta, with key exploration plays in Canada’s Northwest Territories, British Columbia and the Alberta Foothills.“We are delighted to begin a new era with TAQA North, with a launch that adds significantly to TAQA’s positioning as a reliable global energy partner,” said Peter Barker Homek, chief executive officer, Abu Dhabi National Energy Company.“In addition to the important proven, producing reserves and the potential exploration acreage position that the acquisition adds to our overall capacity, we will also benefit significantly from the human resources of TAQA North – its community of talented geoscientists and engineers,” he added.This transaction, announced in May 2007, contributes significantly to TAQA’s growth strategy to acquire power and water facilities around the world, to further develop its significant international presence.  Moreover, the acquisition was determined to be of net benefit to Canada under the Investment Canada Act.In that regard, TAQA made significant commitments to the Minster of Energy, including improvements of capital expenditures.  TAQA is also examining the feasibility of introducing wind power systems on the TAQA North properties and has made commitments to maintain levels of employment and participation by Canadians in the continued operations of TAQA North.Over the previous three years, Northrock averaged 35,683 boe/d, consisting of 19,219 bbls/d of oil, condensate and natural gas liquids and 98.8 mmcf/d sales gas (46% gas). For 2007, TAQA North is expecting production of 37,700 boe/d.Reserves for TAQA North (SEC compliant using Ryder Scott pricing) at year end 2006 were 142,008 mboe of proven working interest reserves, consisting of 80,079 mbbls of oil, condensate and natural gas liquids and 371,572 mmcf of sales gas.The completed acquisition of Northrock Resources is another major step forward for TAQA, which earlier this year began operation of TAQA Energy B.V., following the acquisition of BP Nederland Energie B.V, and of CMS Generation Co.- ENDS -Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL

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