ID :
72941
Thu, 07/30/2009 - 15:13
Auther :
Shortlink :
https://www.oananews.org//node/72941
The shortlink copeid
Taqa set to acquire DSM Energy in Dh1.5b deal
Abu Dhabi, July 30, 2009 (WAM) - Abu Dhabi National Energy Co (Taqa), announced on Wednesday it has reached an agreement on the acquisition of DSM Energy, the energy unit of Netherlands-based Royal DSM NV for 285 million euros (Dh1.5 billion.
The acquisition will add 5,000 barrels of oil equivalent per day (boed) to Taqa's North Sea production of about 50,000 boed.
Boed is the industry standard for measuring a petroleum company's oil and gas production. Taqa's North Sea operations now produce about 50,000 boed through its subsidiaries Taqa Bratani and Taqa Netherlands, a Taqa spokesman told Gulf News.
"Sixty-eight per cent of the transaction value will be assigned towards DSM Energy's interests in midstream assets," the spokesman said in an email. He added that Taqa will acquire a 40 per cent stake in Noordgastransport, one of the Netherlands' major natural gas transmission pipeline systems.
In addition to the stake in Noordgastransport BV, the deal gives Taqa non-operating interests in three pipelines and 20 oil and natural gas fields.
Taqa declined to comment on its planned capital expenditures saying the deal is yet to be completed. The company said the acquisition will be financed through existing credit lines.
A Taqa statement said the deal is pending regulatory clearance and is due to be finalised by the end of the third quarter. "We know that there is still exploration potential in the Netherlands' North Sea and, with this acquisition, we have opened up the opportunities for Taqa," Taqa Managing Director Paul Van Gelder said.
He added that the company plans to boost its North Sea production from its current levels to between 80,000 and 100,000 boed in the next two to three years. Royal DSM said the sale will help the company focus more on its life and material science operations.
The acquisition will add 5,000 barrels of oil equivalent per day (boed) to Taqa's North Sea production of about 50,000 boed.
Boed is the industry standard for measuring a petroleum company's oil and gas production. Taqa's North Sea operations now produce about 50,000 boed through its subsidiaries Taqa Bratani and Taqa Netherlands, a Taqa spokesman told Gulf News.
"Sixty-eight per cent of the transaction value will be assigned towards DSM Energy's interests in midstream assets," the spokesman said in an email. He added that Taqa will acquire a 40 per cent stake in Noordgastransport, one of the Netherlands' major natural gas transmission pipeline systems.
In addition to the stake in Noordgastransport BV, the deal gives Taqa non-operating interests in three pipelines and 20 oil and natural gas fields.
Taqa declined to comment on its planned capital expenditures saying the deal is yet to be completed. The company said the acquisition will be financed through existing credit lines.
A Taqa statement said the deal is pending regulatory clearance and is due to be finalised by the end of the third quarter. "We know that there is still exploration potential in the Netherlands' North Sea and, with this acquisition, we have opened up the opportunities for Taqa," Taqa Managing Director Paul Van Gelder said.
He added that the company plans to boost its North Sea production from its current levels to between 80,000 and 100,000 boed in the next two to three years. Royal DSM said the sale will help the company focus more on its life and material science operations.
