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His Excellency Hamad Al-Hurr Al-Suwaidi, Chairman of the Board of Directors of Abu Dhabi National Energy Company PJSC (TAQA) expressed optimism about the future of the UK’s North Sea oil and gas industry, where the company is a major investor.
He made the comments after a meeting with His Excellency David Cameron, Prime Minister of the United Kingdom of Great Britain and Northern Ireland. Carl Sheldon, TAQA’s Chief Executive Officer, was also present at the meeting today in Abu Dhabi.
TAQA is one of the fastest-growing exploration and production companies working in the UK North Sea. TAQA has invested over USD 4 billion in the business since 2007, doubling output from five offshore oilfields, and paid almost USD 1.2 billion in UK tax.
His Excellency Hamad Al-Hurr 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 Chief Executive Officer said: “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 2012 and assuming operatorship in October this year. TAQA is also operator of the Brent Pipeline System.
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