The Abu Dhabi National Energy Company (ADSM: TAQA) announced that it has agreed to purchase Talisman Energy’s non-operated interests in the Brae assets of the UK North Sea for an undisclosed sum.
Talisman Energy Inc.’s wholly owned UK subsidiaries Talisman Energy (UK) Limited and Talisman LNS Limited (Talisman) entered into the agreement with TAQA Bratani Limited, a wholly owned subsidiary of the Abu Dhabi National Energy Company (TAQA).
The sale, which is subject to the usual government and third party consents, has an effective date of January 1, 2007 and is expected to complete later in the year.
“The acquisition of these Brae assets is a further step in TAQA’s development as a Pan Arabian-European energy company with businesses in the upstream, midstream, and downstream, ” said Peter Barker-Homek, chief executive officer of Abu Dhabi National Energy Company.
“The Brae assets give us access to high quality reserves and best-in-class partners, and naturally complement our assets in the Netherlands. We hope to further deepen our presence in the European energy sector, where we intend to make material contributions, particularly where carbon sequestration and corporate social responsibility issues are concerned,” added Barker-Homek.
Barker-Homek concluded: “TAQA intends on developing one of the largest offshore LNG Regas terminals in the world and a major seasonal gas storage facility that will both provide for UK and continental European energy seasonal needs and security.”
Talisman’s Brae assets include the following net interests:
• 18% interest in the South, North, Central and West Brae fields
• 18% interest in the Beinn field
• 16.9% interest in the East Brae field
• 13% interest in the Braemar field
• 18% interest in the Brae to Forties oil export line
• 9% interest in the SAGE pipeline and onshore terminal
• 9% interest in the Brae-Miller Linkline
• Various exploration interests
• Transportation and processing revenues from third party fields
Talisman’s net production from the Brae assets for 2006 averaged approximately 19,000 boe/d. Talisman’s proved reserves were 18.5 mmboe, with proved plus probably reserves of 34 mmboe as at December 31, 2006.
TAQA carries an Aa3 and A+ credit rating and was recently presented Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.
About Abu Dhabi National Energy Company (TAQA)
Abu Dhabi National Energy Company (TAQA) www.taqa.ae is a global energy company with investment capabilities in power generation, CHP, desalination, renewables, upstream oil/gas, refining/retail, pipelines, services, structured finance and the creation, syndication and management of assets. TAQA was founded in Abu Dhabi in 2005 and listed on the Abu Dhabi Stock Exchange. TAQA has in excess of AED 31bn in assets, turnover of AED3.3bn, in excess of 7,000 MW (gross) of installed generation, upstream oil/gas production, gas processing, pipelines and natural gas storage. TAQA operates from its offices in Abu Dhabi, London and The Hague with alliance partners across the Gulf, Middle East, North Africa, Sub-Saharan Africa, Europe, Asia, Australia, and the United States.
About Talisman
Talisman Energy Inc. is an independent upstream oil and gas company headquartered in Calgary, Alberta, Canada. Talisman has operations in Canada and its subsidiaries operate in the North Sea, Southeast Asia, Australia, North Africa, the United States and Trinidad and Tobago. Talisman’s subsidiaries are also active in a number of other international areas. Talisman is committed to conducting its business in an ethically, socially and environmentally responsible manner. The Company is a participant in the United Nations Global Compact and included in the Dow Jones Sustainability (North America) Index. Talisman's shares are listed on the Toronto Stock Exchange in Canada and the New York Stock Exchange in the United States under the symbol TLM.
Company Contact Details
Media Enquiries for Abu Dhabi National Energy Company –
Mr. Edward Barnfield (+971.50.342.8240) or Mr. Michael Wallis (971.50.458.1844)
