Abu Dhabi, UAE—Abu Dhabi National Energy Company, better known as TAQA, will sell its upstream oil and gas business in the Netherlands.
In its statement to Abu Dhabi Securities Exchange, in which the financial terms of the deal were not disclosed, TAQA said the sale was made following its 5 July 2022 announcement that it had completed a review of oil and gas business.
The company said its subsidiary, TAQA Energy entered, has entered into definitive agreements with Waldorf Energy Netherlands.
In 2021, Taqa announced the strategic review to assess all options for its oil and gas division and “the optimal course for its future development, while taking into consideration the evolution of the global energy industry as it transitions towards a cleaner and more sustainable future”.
On September 23, TAQA and ADNOC announced the financial closing of their $3.8 billion project to power and decarbonize ADNOC’s offshore production operations.
Together with a consortium comprised of Korea Electric Power (KEPCO), Kyushu Electric Power Company (Kyuden) and Électricité de France (EDF) (the Consortium), this is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.
With assets in several countries, including Canada, Ghana, India, Taqa is active in power and water generation, and has oil and gas operations.