TAQA, the Abu Dhabi National Energy Company, UAE, has announced to increase capital expenditures from $1.9 billion in 2011 to $2.2 billion in 2012.
These investments will go to expend on going projects in Western Canada, North Sea, Netherlands, Morocco and Ghana.
TAQA’s Oil & Gas operations are located in North America, UK and the Netherlands and comprise crude oil and natural gas exploration, production, processing, transmission and storage.
In North America, TAQA has over two and a half million gross acres containing 465 mmboe of proven and probable reserves. TAQA’s average production in this region for 2010 was 88,582 boe/d.
In the UK, TAQA produced an average of 37,329 boe/d in 2010 through four operated platforms and non-operated interests in the UK North Sea. TAQA is also the operator of the Brent Pipeline System.
In the Netherlands, TAQA is primarily a midstream operator with the PGI Alkmaar gas storage facility and various pipeline interests. Together with its partner, TAQA is planning on building a second gas storage facility near Alkmaar, the Netherlands: the Bergermeer Gas Storage. The facility is expected to be fully operational in 2013. TAQA also produced 8,716 boe/d in 2010 through onshore and offshore facilities.
TAQA was founded in 2005 with the objective of becoming a global leader in the energy sector. TAQA is 51% owned by Abu Dhabi Water and Electricity Authority (ADWEA) which is a government authority.