TAQA buys 15% stake in North Sea gas platform
Abu Dhabi based energy company continues European spending spree
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The Abu Dhabi National Energy Company (TAQA) has continued its European spending spree by acquiring a 15% interest in a North Sea production platform for an undisclosed amount.
TAQA said that it had purchased the interest in L11b-A production platform which services the L8-D gas field, and a pipeline connection to the Noordgastransport (NGT) pipeline, from the L11b Group, comprising Chevron Exploration and Production Netherlands, DSM Energie, and EBN.
“With its increased presence in the region, TAQA has consistently demonstrated its reliability as a North Sea operator,” Paul van Gelder, TAQA Europe MD, said.
“Today’s appointment is a clear recognition of this. The arrangement leverages TAQA’s existing offshore operating capabilities and our infrastructure in the Netherlands; benefiting all parties by enabling the earliest possible start of production.”
“Our focus now is to make certain that the transition is swift to ensure consistency in the development of the gas field,” he added.
Following the acquisition, the L8-D Field Group appointed TAQA Energy as operator to the L11b-A production platform with effect from 1 August 2009. Cirrus Energy Nederland is the L11b licence operator. First production is expected to begin before the end of the year.