Abu Dhabi's TAQA eyes new UK energy deals

Abu Dhabi National Energy Company 'actively looking into' further North Sea investments
Abu Dhabi's TAQA eyes new UK energy deals
oil rig, oil field, oil, energy, GCC energy, GCC oil, black gold
By Andy Sambidge
Tue 06 Nov 2012 05:53 PM

Abu Dhabi National Energy Company (TAQA) said on Tuesday it was actively looking at further investments in the North Sea oil and gas sector.

The company's announcement came after top officials met with British Prime Minister David Cameron in the UAE capital.

Hamad Al-Hurr Al-Suwaidi, chairman of TAQA expressed optimism about the future of the UK's North Sea oil and gas industry, where the company is a major investor.

TAQA is one of the fastest-growing exploration and production companies working in the UK North Sea. It has invested over $4bn in the business since 2007, doubling output from five offshore oilfields, and paid almost $1.2bn in UK tax.

Al-Suwaidi said: "TAQA is already the largest UAE investor in the UK. We are optimistic about the future of Britain's North Sea oil and gas industry as long as the right incentives for future investment exist."

Carl Sheldon, TAQA's CEO, added: "We are actively looking at further investments in the North Sea and we look forward to continuing to strengthen our dialogue with the UK Government to ensure the market structure remains open to UAE investment."

TAQA's targeted investments and technical expertise have extended the life of its mature North Sea assets, raising production from 20,000 boe/d to 45,000 boe/d and safeguarding hundreds of jobs.

TAQA is continuing to invest, increasing its stake in the Cladhan development in April and assuming operatorship in October this year. TAQA is also operator of the Brent Pipeline System.

In August, TAQA said second quarter net profit increased about 2.8 percent as weak gas prices in North America caused revenues to decline 14.5 percent.

The company said second quarter profit increased to AED447m ($121.7m) compared with AED435m in the year-earlier 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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.