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FINANCIAL NEWS
Taqa eyes oil output increase
03 Dec 2011
(MENAFN) Scottish First Minister, Alex Salmond, said that Abu Dhabi National Energy Co (Taqa) would increase its oil output from North Sea by more than a double during the coming two years, reported Gulf News.
Salmond added that the UAE company would spend around USD600 million on its expansion plans, moreover, the output would reach 80,000 barrels per day (bpd) from the current 40,000 bpd.
On the other hand, Taqa’s executive, Leo Koot, said that over the past three years, the company spent USD1 billion on capital expenditures in the North Sea.
It is worth noting that the oil, gas and utility firm operates four platforms in the North Sea and has stakes in other fields.
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