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FINANCIAL NEWS
Abu Dhabi’s Taqa plans USD600m in the North Sea
06 Nov 2011
(MENAFN) Scottish First Minister Alex Salmond said that Abu Dhabi National Energy Co (Taqa) plans USD600 million investment over the next two years in boosting its North Sea oil output, Arabian Business reported.
He explained the state-run energy company wants to increase North Sea production to 80,000 barrels per day from 40,000 barrels currently.
Taqa CEO Leo Koot said that the company invested USD1 billion in the North Sea over the past three years, and currently operates four platforms and has stakes in other fields.
Salmomd also said that the Scottish government supports changes to the North Sea tax structure associated with recovering oil from smaller fields such as those operated by Taqa.
It is worth mentioning that UK Chancellor of the Exchequer George Osborne increased North Sea oil taxes in his annual budget in March forcing companies such as Norway’s Statoil to freeze development plans.
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