By Staff writer
State-owned energy firm sees 'significant milestone' in operations at new Cladhan oil field
Abu Dhabi National Energy Company, better known as TAQA, has announced its first oil from the new Cladhan field development in the UK's North Sea.
The field, which is located in the northern North Sea, about 100km north east of the Shetland Islands in a water depth of 150 metres, has been developed as a subsea tie-back to the TAQA-operated Tern Alpha platform.
The Cladhan field consists of two producer wells and one injection well. TAQA is the operator of Cladhan, with a 64.5 percent interest. Its co-venturers, Sterling Resources (UK) and MOL Group, hold a 2 percent and 33.5 percent interest respectively.
Peter Jones, TAQA’s UK managing director, said: "Cladhan is the third field developed by TAQA, and the largest to date. First oil therefore represents a significant milestone. Developing Cladhan as a tie-back to Tern underlines our commitment to invest in infrastructure and to maximise economic recovery in the North Sea."
In the UK, TAQA operates five platforms which produce from 13 fields spread across the Northern North Sea and the Central North Sea. TAQA is also the operator of the Brent Pipeline.
Last month, TAQA said it swung to a net loss in the third-quarter, as revenues were hit by weak oil prices.
TAQA, 75 percent owned by the government of Abu Dhabi, reported a net loss of AED416 million ($113.3 million) for the quarter ending September 30, compared with a net profit of AED107 million in the prior-year period.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.