We mean energy
|Traded as||ADX: TAQA|
|Industry||Oil and gas exploration and production, pipelines, underground gas storage, power generation and water desalination|
|Headquarters||Abu Dhabi, United Arab Emirates|
Number of locations
|Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the United Arab Emirates, Netherlands, United Kingdom and United States|
|Owner||Government of Abu Dhabi|
Number of employees
|2,800 (Aug 2011)|
|Subsidiaries||TAQA North, TAQA Bratani|
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 E. 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 relinquished his position as CEO and was replaced by Carl Sheldon.
In 2014 Carl Sheldon left the company and handed over his responsibilities to Edward LaFehr, who took on the newly created role of Chief Operating Officer. Mr. LaFehr was previously President of TAQA’s North America business.
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 principal 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 has assets in the UAE, Ghana, Morocco, Saudi Arabia and India.
TAQA holds a majority share and is operator of the Atrush block in the Kurdistan region of Iraq. Initial production is expected to be approximately 30,000 barrels of oil equivalent per day. TAQA acquired the interest from an affiliate of Aspect Holdings in 2012.
On January 3, 2013, TAQA signed an agreement with Turkey to invest about $12 billion to develop the coal fields in the Southern Turkey. This deal is considered as the second biggest Arab investment in Turkey in the energy sector. In August 2013, TAQA said it would delay the planned investment amid difficult financing conditions at a time of currency volatility in emerging markets including Turkey.
TAQA is listed on the Abu Dhabi Securities Exchange. 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.Shareholders The balance (24.9%) is traded publicly on the Abu Dhabi Securities Market.
- http://www.insight-publications.com/morocco-08/morocco_08.pdf "Blowing in the Wind" (PDF), Thoroughly Modern Morocco: 9, October 2008, archived from the original (PDF) on 2009-08-24
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- "Abu Dhabi National Energy Company assumes operation of BP Netherlands Gas Exploration and Production business". Al Bawaba. 2007-02-04. Retrieved 2009-03-21.
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