Abu Dhabi National Energy Company (Taqa) has completed the acquisition of Dutch oil field operator DSM Energie Holding for €285m ($416m).
Taqa, which is state-owned, announced that it closed the deal with the Netherlands’ Royal DSM, DSM Energie’s former owner, on 1 October. It now holds a 100 per cent stake in DSM Energie.
DSM Energie’s assets include a 40 per cent share of the Dutch pipeline company Noordgastransport, 20 oil and gas fields in the North Sea which produce the equivalent of 5,000 barrels a day (b/d) of oil, and 20 major pipelines linking the Dutch fields to the mainland.
The deal is part of Taqa’s expansion strategy in the North Sea.
Taqa heads a consortium which operates the Bergermeer gas storage facility in the Dutch North Sea, the largest facility in Europe.
On 4 August, Taqa bought a 15 per cent stake in The Netherlands-headquartered L11bb group, which also has assets in the Dutch North Sea including the L11b-A gas production platform, and a major pipeline connecting to The Netherlands’ mainland gas network (MEED 5:8:09). Taqa will act as operator of L11bb’s assets.
On 4 August, Taqa also took over operations at the Brent pipeline system in the North Sea, which carries 8 per cent of the UK’s offshore oil production to the mainland (MEED 7:8:09).
In July 2008, the company bought six oil and gas fields in the UK’s North Sea as well as key distribution infrastructure for $631m from the UK/Dutch Shell Group. This acquisition included a 24 per cent stake in the Sullom Voe oil platform, which is used to gather and transport much of the UK’s offshore oil production.
In September 2008, Taqa also agreed to buy four exploration and production blocks in the North Sea from Shell and and the US’ Esso, a subsidiary of energy giant ExxonMobil.
Taqa bought The Netherland’s EnCore Oil for $5.5m in September 2008, taking over the company’s 10 per cent stake in the Amstel offshore oil field.
Analysts estimate that Taqa’s assets in the UK are worth $2.2bn.