TAQA, Gazprom sign MOU for Bergermeer project

By OGJ editors
HOUSTON, Dec. 21-- Gazprom Export and TAQA Energy BV., a wholly owned subsidiary of Abu Dhabi National Energy Co., signed a memorandum of understanding to partner in Europe's largest new gas storage project in the Netherlands, the Bergermeer gas storage.

Operator TAQA is finalizing technical design, permitting, and planning processes to start converting the existing depleted Bergermeer gas reservoir into Europe's largest new seasonal gas storage facility. The project is essential to the Dutch government's ambition to realize the North-West European gas hub in the Netherlands.

The Bergermeer consortium consists of Energie Beheer Nederland, Dyas BV, Petro-Canada, and TAQA Energy BV.

Construction is expected to start in second-quarter 2009, with commercial operations scheduled to begin in second-quarter 2013. Once operational, most of the facility's capacity will be available for third party access.

Gazprom will deliver cushion gas for injection in the summer months over the next 4 years. Cushion gas will ensure that the reservoir has the optimal pressure to start commercial storage operations.

TAQA and Gazprom Export aim to finalize all technical and contractual discussions in coming months to reach a final investment decision by the end of first-quarter 2009. At the same time TAQA is continuing discussions with other potential partners and cushion gas suppliers to create a diverse consortium of global energy players to participate in the project and ensure on-time completion of Bergermeer.

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