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Wed 24 Nov 2010 03:24 PM

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Taqa restarts oil production at North Sea Rijn field

Abu Dhabi National Energy Co seeks to increase output by investing in assets it’s acquired

Taqa restarts oil production at North Sea Rijn field
Taqa aims to spend $1.4 billion this year to produce oil and gas. (Getty Images)

Abu Dhabi National Energy Co. restarted oil production at the Rijn field in the North Sea as the state-run utility known as Taqa seeks to increase output by investing in assets it’s acquired.

Taqa resumed output at Rijn in offshore Netherlands at a rate of 3,500 barrels of oil a day, the company said in an e-mailed statement Wednesday. Taqa bought a stake in Rijn in 2007 and said the deposit had ceased production 12 years ago.

The company aims to spend $1.4 billion this year to produce oil and gas and generate power from assets it owns in the Middle East, North America, India and the North Sea. The company is set to reach its targeted production range for this year of 126,000 barrels of oil equivalent a day to 138,000 barrels a day, chief financial officer Doug Fraser said on a conference call November 10.

Taqa owns 38.3 percent of Rijn along with partners Dyas BV, which holds 45.7 percent, Oranje Nassau Energie BV, owner of 14.2 percent and Wintershall Noordzee BV with 1.8 percent. Rijn is located 40km (24.9 miles) northwest of the Port of Rotterdam in 25 meters (82 feet) of water, Taqa said. (Bloomberg)

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