Page 9 - MEOG Week 36 2021
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MEOG FINANCE & INVESTMENT MEOG
TAQA moves forward with
plan to sell oil and gas assets
UAE FOLLOWING the company’s announcement photovoltaic (PV) to raise the share of power
last week that it had begun a strategic review of produced from renewable sources from the
its oil and gas operations, reports suggest that current 5% to more than 30% by 2030, and will
Abu Dhabi National Energy Co. (TAQA) has improve desalination efficiency by increasing the
kicked off the process of selling its Dutch and role of reverse osmosis to 66% by 2030.
UK assets. Ahead of the announcement of its transition
Speaking to Bloomberg, sources said that strategy, the company was reported to be consid-
TAQA is seeking to divest its stakes in at least ering the sale of its Canadian and UK North Sea
17 fields, the Sullom Voe shipping terminal, the assets and admitted as much in the plans.
Brent and SAGE pipelines in the UK as well as 32 In a press release at the time, TAQA said that
Dutch licences, five of which it operates. it would “focus on commercially viable oppor-
Documents provided by these sources said tunities to reduce exposure to the hydrocarbon
that interested parties would be invited to attend sector”.
virtual data rooms, with bids for both sets of Middle East Oil & Gas (MEOG) understands
assets due in December. from sources close to proceedings that it intends
According to TAQA, first-half production to ring-fence the 47.4% stake it holds in the pro-
from the portfolio totalled more than 124,000 duction-sharing contract (PSC) for the Atrush
barrels of oil equivalent per day (boepd) and block in the Kurdistan Region of northern Iraq.
generated revenues of AED3.4bn ($937mn). Speaking to MEOG, another industry source
TAQA announced plans in March to reduce said that while keeping Arush does not make
its reliance on oil and gas for power generation sense for TAQA within the scope of its stra-
and “become a champion for low carbon power tegic shift, given that it is the operator of the
and water”, pledging to invest over $10bn in the field, obtaining approval from the Kurdistan
UAE to achieve this. Regional Government (KRG) for the sale may
It intends to focus mainly on solar be problematic.
Week 36 08•September•2021 www. NEWSBASE .com P9
