Abu Dhabi National Energy Company to Acquire BP's Dutch E&P Business

The Abu Dhabi National Energy Company (ADSM: TAQA) has agreed to purchase BP's (FTSE: BP) Netherlands-based exploration and production (E&P) business.

The newly acquired BP E&P business is composed of onshore and off-shore production assets, including the Piek Gas Installatie (PGI) facility in Alkmaar.

It is expected that the sale will be completed by the end of January 2007.

'The acquisition of these BP assets in the Netherlands represents a significant advancement for TAQA as we continue to expand into Europe,' said Peter Barker-Homek, Chief Executive Officer of Abu Dhabi National Energy Company.

'TAQA will own and manage these assets with the utmost integrity and commitment to all parties involved. The existing BP employees are the key to the continued success of the facilities, and they are our first priority. We believe we have the financial strength and industry expertise to take the BP Dutch E&P business to new heights of performance and profit,' added Barker-Homek.

Mark Thomas, managing director of BP's Dutch E&P business, said, 'I am very pleased that we have identified a buyer in TAQA who is committed to the continued safe and responsible operation of the full range of assets. We believe that this is the best possible outcome for our staff, for the future of the assets, and for BP.'

BP's Dutch E&P business has a staff of 120 employees and long term contractors. It operates assets both onshore and offshore in the Netherlands and had net production of around 1.8 million cubic meters a day (62 million cubic feet a day) in 2005.

This sale does not affect BP's other significant business activities in the Netherlands which comprise energy trading, refining and marketing of fuels and lubricants, as well as a renewable energy business.