Abu Dhabi National Energy Company
Encyclopedia
The Abu Dhabi National Energy Company, PJSC (TAQA) is a government controlled energy holding company of Abu Dhabi
, United Arab Emirates
.
TAQA is one of Abu Dhabi’s flagship companies and as such has an important role to play in helping to deliver the economic strategy of the Emirate of Abu Dhabi.
In 2008 TAQA acquired several North Sea assets from Shell U.K. Limited and Esso Exploration and Production (UK) Limited. The purchase included all equity, associated infrastructure and production licenses relating to the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields.
In late 2009 Mr Barker-Homek was fired from his position as CEO and was replaced by Carl Sheldon. In 2010 Mr. Barker-Homek launched a $US 460 million claim against TAQA, alleging breach of contract by his former employer.
TAQA has investments in over 60 companies. Its principle wholly owned subsidiaries include Emirates Power Company, Gulf Power Company, Arabian United Power Company, Al Shuweihat Power Company, Taweelah United Power Company, Union Power Holding Company, TAQA Bratani Limited, TAQA Energy B.V., TAQA North Ltd. and Takoradi International Company, operator of the Takoradi Power Station II
. TAQA owns majority stakes in assets that provide about 85% of Abu Dhabi's power generation and 90% of its water desalination capacity.
In addition to the Persian Gulf region, TAQA has assets in Europe, Asia and Africa. It has interests in the Tern Alpha
, Eider Alpha, Cormorant North, Cormorant Alpha, Kestrel and Pelican fields and related sub-sea satellite fields in the North Sea
. On 3 August 2009, TAQA took over operatorship of the North Sea
Brent Oil Pipelines System
. In addition, in 2006 TAQA acquired BP Nederland Energie B.V. Through this acquisition, TAQA get onshore and off-shore production assets, including the Piek Gas Installatie facility in Alkmaar
, the project of the largest offshore LNG Regas facilities utilizing the depleted field P15/P18 just off the port of Rotterdam
, and partnership in the Bergermeer gas storage
project. In August 2009, it bought a 15% interest in North Sea assets from the L11b Group took over the operatorship of the L11b-A production platform.
Through the acquisition of CMS Generation, TAQA get assets in the UAE, Ghana, Morocco, Saudi Arabia and India.
. The company is 75.1% indirectly owned by the government of Abu Dhabi. The government of Abu Dhabi through ADWEA owns 51%, ADWEA transferred 24.1% of its shareholding to the Fund for the Support of Farm Owners in the Emirate of Abu Dhabi. The balance (24.9%) is traded publicly on the Abu Dhabi Securities Market.
has assigned A+/A-1 corporate credit ratings to TAQA. Moody's
has assigned a rating of Aa3 to TAQA's long term foreign and local currency obligations.
Abu Dhabi
Abu Dhabi , literally Father of Gazelle, is the capital and the second largest city of the United Arab Emirates in terms of population and the largest of the seven member emirates of the United Arab Emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western...
, United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
.
TAQA is one of Abu Dhabi’s flagship companies and as such has an important role to play in helping to deliver the economic strategy of the Emirate of Abu Dhabi.
History
TAQA was founded in June 2005 pursuant to the provisions of Emiri Decree in 2005 as a public joint stock company. In May 2006 TAQA appointed Mr. Peter Barker-Homek, an American businessman, as its first CEO. TAQA expanded quickly under the guidance of Mr. Barker-Homek, making several key acquisitions in Africa and North America. In Canada, TAQA acquired Northrock Resources Ltd.(US$ 2 billion), Pioneer Natural Resources Canada Inc (US$ 540 million) and PrimeWest Energy Trust (US$ 5 billion).In 2008 TAQA acquired several North Sea assets from Shell U.K. Limited and Esso Exploration and Production (UK) Limited. The purchase included all equity, associated infrastructure and production licenses relating to the Tern, Eider, Cormorant North, South Cormorant, Kestrel and Pelican fields and related sub-sea satellite fields.
In late 2009 Mr Barker-Homek was fired from his position as CEO and was replaced by Carl Sheldon. In 2010 Mr. Barker-Homek launched a $US 460 million claim against TAQA, alleging breach of contract by his former employer.
Operations
TAQA's main focus of investments is the companies engaged in power generation, water desalination, and production and storage of oil and gas. In addition, it has invested in mining, metal, and services sectors.TAQA has investments in over 60 companies. Its principle wholly owned subsidiaries include Emirates Power Company, Gulf Power Company, Arabian United Power Company, Al Shuweihat Power Company, Taweelah United Power Company, Union Power Holding Company, TAQA Bratani Limited, TAQA Energy B.V., TAQA North Ltd. and Takoradi International Company, operator of the Takoradi Power Station II
Takoradi Power Station
The Takoradi Power Station is a thermal power station at Aboadze, east of Sekondi-Takoradi, Ghana. It consists of three power plants.The first power plant operated by the Volta River Authority became operational in 1997. Official inauguration was held on 15 October 2000 in participation of...
. TAQA owns majority stakes in assets that provide about 85% of Abu Dhabi's power generation and 90% of its water desalination capacity.
In addition to the Persian Gulf region, TAQA has assets in Europe, Asia and Africa. It has interests in the Tern Alpha
Tern oilfield
The Tern oilfield is an oilfield situated north east of Lerwick, Shetland Islands, Scotland, in block numbers 210/25a.-History:The Tern field was discovered in April 1975 in a water depth of . It started production in 1989. Until July 2008, the oilfield was operated by Royal Dutch Shell and...
, Eider Alpha, Cormorant North, Cormorant Alpha, Kestrel and Pelican fields and related sub-sea satellite fields in the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
. On 3 August 2009, TAQA took over operatorship of the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
Brent Oil Pipelines System
Brent System
The Brent System pipeline transports oil from the North Sea oilfields via Cormorant Alpha to the Sullom Voe Terminal in Shetland, Scotland. Oil is transported from 20 oilfields, including:* Thistle* Murchison* Hutton* North West Hutton* Dunlin...
. In addition, in 2006 TAQA acquired BP Nederland Energie B.V. Through this acquisition, TAQA get onshore and off-shore production assets, including the Piek Gas Installatie facility in Alkmaar
Alkmaar
Alkmaar is a municipality and a city in the Netherlands, in the province of Noord Holland. Alkmaar is well known for its traditional cheese market. For tourists, it is a popular cultural destination.-History:...
, the project of the largest offshore LNG Regas facilities utilizing the depleted field P15/P18 just off the port of Rotterdam
Rotterdam
Rotterdam is the second-largest city in the Netherlands and one of the largest ports in the world. Starting as a dam on the Rotte river, Rotterdam has grown into a major international commercial centre...
, and partnership in the Bergermeer gas storage
Bergermeer gas storage
The Bergermeer gas storage is a planned underground natural gas storage in the Alkmaar region north of Amsterdam in the Netherlands. When constructed, it would be one of the largest gas storages in Europe.-Technical features:...
project. In August 2009, it bought a 15% interest in North Sea assets from the L11b Group took over the operatorship of the L11b-A production platform.
Through the acquisition of CMS Generation, TAQA get assets in the UAE, Ghana, Morocco, Saudi Arabia and India.
Shareholders
TAQA is listed on the Abu Dhabi Securities ExchangeAbu Dhabi Securities Exchange
Abu Dhabi Securities Exchange [ADSM] is a stock exchange in Abu Dhabi, United Arab Emirates . It was established on 15 November 2000 to trade shares of UAE companies. There are trading locations in Abu Dhabi, Al Ain, Fujeirah, Sharjah, and Ras Al Khaimah...
. The company is 75.1% indirectly owned by the government of Abu Dhabi. The government of Abu Dhabi through ADWEA owns 51%, ADWEA transferred 24.1% of its shareholding to the Fund for the Support of Farm Owners in the Emirate of Abu Dhabi. The balance (24.9%) is traded publicly on the Abu Dhabi Securities Market.
Finance
Standard & Poor'sStandard & Poor's
Standard & Poor's is a United States-based financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. It is well known for its stock-market indices, the US-based S&P 500, the Australian S&P/ASX 200, the Canadian...
has assigned A+/A-1 corporate credit ratings to TAQA. Moody's
Moody's
Moody's Corporation is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized...
has assigned a rating of Aa3 to TAQA's long term foreign and local currency obligations.