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FINANCIAL NEWS
Abu Dhabi- TAQA mulls new investments in UK energy sector
07 Nov 2012
(MENAFN) Abu Dhabi National Energy Company’s (TAQA) chairman, Hamad Al-Hurr Al-Suwaidi, announced that the company is considering additional investments in the UK’s oil and gas industry, mainly in the North Sea, reported Arabian Business.
Al-Suwaidi said that since 2007, the firm, a major investor in Britain’s North Sea oil and gas sector and the largest UAE investor in the UK, has invested more than USD4 billion in the business.
During the period, the company has also doubled production from 5 offshore oilfields, and paid around USD1.2 billion in UK tax.
He added that TAQA’s targeted investments and technical expertise have expanded the life of its mature North Sea assets, increasing output from 20,000 barrels of oil equivalent per day (boe/d) to 45,000 boe/d and safeguarding hundreds of jobs.
It is worth noting that TAQA, the operator of the Brent Pipeline System, boosted its stake in the Cladhan development in April and assumed operatorship in October 2012.
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