Page 9 - EurOil Week 27 2022

EurOil PROJECTS & COMPANIES EurOil

TAQA decides to retain most of its

oil and gas assets

GLOBAL AFTER skirting around a review process over upstream assets in the Netherlands is based on
the past two years, Abu Dhabi National Energy the nature of the assets and the relatively small
Caption Caption Company (TAQA) has decided against divesting contribution the assets make to TAQA group
Caption Caption the bulk of its oil and gas assets, while continu- earnings,” Thabet said, adding: “our midstream
Caption Caption ing its drive towards more renewable and clean assets, including our two gas storage facilities,
Caption Caption energy. will be retained.”
While it will still sell its upstream assets in the In March last year, the company said it would
Netherlands, TAQA will retain its entire portfo- rely on oil and gas for power generation and
lio of assets in Canada, the UK and the Kurdistan “become a champion for low-carbon power and
Region of northern Iraq. water”, pledging to invest over $10bn in the UAE
In a filing with the Abu Dhabi Securities to achieve this.
Exchange (ADX), the company said: “As part of It intends to focus mainly on solar photo-
the review, the company had been exploring the voltaic (PV) to increase the share of power pro-
potential sale of certain of its oil and gas assets. It duced from renewable sources from the current
has been concluded that TAQA’s oil and gas port- 5% to more than 30% by 2030 and will improve
folio will be retained, except for the upstream desalination efficiency by increasing the role of
assets in the Netherlands where discussions are reverse osmosis to 66% by 2030.
ongoing.” This will increase TAQA’s UAE generation
TAQA CEO and managing director Jasim capacity from 18 GW to 30 GW while it also adds
Husain Thabet was quoted as saying: “We have around 15 GW of international capacity.
concluded that retaining the vast majority of The company’s only asset in its home
the portfolio will deliver the best value for the region is the operated 47.4% stake it holds
company and its stakeholders,” adding that the in the Atrush production-sharing contract
oil and gas side of the business had contributed (PSC) in Iraqi Kurdistan. Middle East Oil &
15% of total revenue and earnings during 2021. Gas (MEOG) understands that this was never
The company’s Dutch assets include the Ber- intended to be part of TAQA’s divestment and
gen II production area, the Bergen Drying Facil- would be ring-fenced given the asset’s signifi-
ity and production facilities at the P15 and P18 cant potential.
concessions. Oil production from Atrush during Q1 this
It also operates the Bergermeer and Peak Gas year was reported by TAQA’s Canadian partner
Installation gas storage facilities, but these are to in the field ShaMaran Petroleum at 38,812 bar-
be retained. rels per day (bpd), up just a few hundred barrels
“Our decision to seek a buyer for the compared to Q1 2021. ™

Week 27 08•July•2022 www. NEWSBASE .com P9