Scotland’s First Minister Visit to TAQA

Press release

Published November 1st, 2011 - 12:04 GMT

Al Bawaba

Speaking after a business meeting with Scotland’s First Minister, the right honourable Alex Salmond; H.E. Abdulla Saif Al-Nuaimi – Vice Chairman of TAQA, Director General of ADWEA, declares: “TAQA has invested over $1 billion in capital expenditure in the UK sector of the North Sea over the last three years to follow up its original acquisitions. It is this investment that allows us to maximize production from our existing assets and explore new fields, which otherwise might have remained untapped. TAQA continues to invest heavily in the future of its UK North Sea business, with capital expenditure for the next two years at broadly similar levels to 2010 and 2011.”

Leo Koot, TAQA’s Brantani managing director, underlined the company’s key role in maximizing the recovery of oil and gas from the UK Continental Shelf and in ensuring that the vital infrastructure to exploit future discoveries remains safe and fit for purpose.

He said: “Our extensive upgrade and maintenance program helps us to extend the operating life of these relatively mature production facilities and key infrastructure and ensures they are safe and fit for purpose.

With up to 24 billion boe remaining in the UK North Sea, the rewards of investing in the basin are still high. Companies like TAQA, who maximize production from mature installations and focus on small field developments, are key to ensuring the recovery of these remaining reserves. Future growth in the North Sea will be characterized by smaller field development opportunities. At TAQA we are continuously building our expertise in this area and are committed to making a commercial success of these small fields.

Our operations in Aberdeen and offshore Scotland play an important role in our worldwide operations, being a centre of excellence for our global upstream operations. We aim to play a significant role in the basin for many years to come

Background Information

Abu Dhabi National Energy Company

Abu Dhabi National Energy Company (TAQA) is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.

Its activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. It produces almost 137,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.

TAQA is the 6^th largest independent power producer in the world. Its power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.

Established in 2005, TAQA’s entrepreneurial culture has laid the foundations for long-term sustainable growth building on its commitment to people, safety and the environment.