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FINANCIAL NEWS
UK North Sea oil field to be developed by TAQA
25 Apr 2013
(MENAFN) Abu Dhabi’s TAQA announced that it will place a strategy in order to start oil production of the Cladhan field in the UK North Sea by 2015, reported Arabian Business.
TAQA aims to produce an output of 17,000 barrels of oil per day, which will dramatically increase the company’s overall oil production levels.
The energy company will acquire equity from its 40 percent owned Sterling Resources, in return for funding further projects.
It’s worth mentioning that the UK government has emphasized the importance of gas and oil discovery in the North Sea, as current reserves near depletion.
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