Business | Oil & Gas
Taqa puts upstream efforts at heart of growth strategy
Abu Dhabi National Energy Company PJSC (Taqa) has near-term growth aspirations to become an exploration and production (E&P) company with production of 100,000 barrels of oil equivalent (boe) per day and one billion boe in proven reserves, a company statement said.
- Staff Report
- Published: 23:45 July 18, 2007
Abu Dhabi: Abu Dhabi National Energy Company PJSC (Taqa) has near-term growth aspirations to become an exploration and production (E&P) company with production of 100,000 barrels of oil equivalent (boe) per day and one billion boe in proven reserves, a company statement said.
The move comes at the backdrop of a surge in oil prices that crossed $78 earlier this week on growing global demand for energy.
The company, which has been in a concerted E&P growth mode since early this year, has said that it will improve the efficiency of existing operations in ten countries and continue to apply emerging technologies to make Taqa a best-in-class E&P company.
"Taqa is an acquisitive company, but our focus will always be on the excellence of our operations, and upstream E&P is at the heart of our global growth strategy," Peter Barker Homek, Taqa chief executive said in a statement.
In a related move, the Abu Dhabi-based energy company has appointed Steve Bowyer as head of upstream Exploration and Production effective Monday, and he will have responsibility for all global E&P assets.
Based in Taqa's Abu Dhabi headquarters office, Bowyer is a seasoned reservoir engineer and has held Deputy OIM and Asset Manager roles with such industry players as Petroleum Engineering Services, J.P. Kenny Caledonia, J. Ray McDermott, and Talisman Energy UK.
Taqa announced in January 2007 that it had agreed to purchase Talisman Energy's non-operated interests in the Brae assets of the UK North Sea.
In February 2007, Taqa said that it had begun its management of newly acquired BP Netherlands gas exploration and production (E&P) assets, ideally positioning it in the heart of Europe's burgeoning energy sector.
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