TAQA Names Steve Bowyer to Head of Upstream E&P

Abu Dhabi National Energy Company executives have said that they have near-term growth aspirations to become an E&P company with production of 100,000 boe/day and 1 bn boe in proven reserves.

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.

In a related move, the Abu Dhabi-based energy company has appointed Mr. Steve Bowyer as Head of Upstream Exploration and Production effective July 23rd with responsibility for all global E&P assets.

"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," said Peter Barker Homek, Chief Executive Officer of Abu Dhabi National Energy Company PJSC.

"Steve Bowyer is an industry veteran and brings significant experience to his position at TAQA. We believe that he is ideally placed to influence and oversee TAQA's upstream development."

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.

And in May 2007, the Abu Dhabi energy company announced the purchase of Northrock Resources Ltd, a Canadian group with a best-in-class exploration and production team.

TAQA carries an Aa2 and AA- credit rating and was recently presented Best Borrower of the Year 2007 by Euromoney Awards.