TAQA Buys Talisman Energy Stake in North Sea Assets
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.
12 57 CCCCQQE