Taqa to invest $1.46bn to boost NSea output
Abu Dhabi, August 7, 2008
Abu Dhabi National Energy Co (Taqa) will invest 750 million pounds sterling ($1.46 billion) over three years to boost oil output from North Sea operations, it said.
’Over the next year we will establish a UK operation in England with 400 to 600 people. We will be investing 250 million pounds per annum for the next three years in the UK,’ chief executive Peter Barker-Homek said on a conference call after the company reported quarterly earnings.
Taqa aims to raise production to 60,000 barrels from 40,000 barrels of oil equivalent per day. Taqa bought stakes in North Sea fields from Royal Dutch Shell and Exxon Mobil last month. - Reuters
More Energy, Oil & Gas Stories
- Iraq's oil exports rise to 71.4m barrels in Nov
- MEE launches energy conservation contest
- TSL wins Jordan solar power contract
- SEC signs $366m loan for Jeddah power plant
- Kurdish oil exports 'only with Iraq approval'
- UAE launches energy conservation drive
- Rising Saudi fuel use 'bigger threat than shale'
- Dentons boosts Mideast energy practice
- India seeks Iran's financial guarantees for ships
- Taqa wins approval for N Sea development