TAQA makes Northern North Sea oil discovery
17 Feb 2013
Abu Dhabi, United Arab Emirates – Abu Dhabi National Energy Company PJSC (TAQA) has discovered oil in the new Darwin oil field in the Northern North Sea area near the Shetland Islands in Scotland.
Leo Koot, the managing director at TAQA's UK oil and gas business, said: "This discovery proves that the North Sea still has great potential and that it is possible to unlock opportunity and produce growth through the use of cutting-edge technology and focused investment. This is an exciting and challenging opportunity and we look forward to repeating our success in safe and fast field developments."
In February 2012, TAQA acquired a 50% interest in the prospective exploration acreage known as Darwin, located south of the former NW Hutton Field. Two oil columns were discovered during the Darwin drilling programme, which commenced November 2012. One well has been suspended for the purpose of future well testing.
The Darwin acreage is located next to the TAQA-operated Cormorant South, North Cormorant and Pelican fields in the Northern North Sea approximately 130 km northeast of the Shetland Islands. The reserves potential of the Darwin oil discoveries, in conjunction with NW Hutton Field re-development, is currently being re-evaluated. TAQA is currently studying optimal development options. Further appraisal drilling (including well testing) is anticipated prior to selection of a development concept.
TAQA has recently expanded its North Sea exploration programme with agreements to participate in several drilling campaigns and development projects. TAQA was also awarded a number of strategic licenses in the 27th North Sea oil and gas licensing round.
Last month, TAQA started first oil production from the Cormorant East field development in the UK North Sea which is expected to contain 10 - 30 million barrels of oil in place.
In a move to further expand its position in the North Sea TAQA agreed to buy from BP oil and gas assets worth more than USD 1 billion. The assets are expected to increase production by approximately 21,000 barrels of oil equivalent and provide a second major development hub in the central North Sea opening up further investment opportunities.
TAQA is the largest investor from the United Arab Emirates in the UK, having invested more than USD 4 billion in four years.
TAQA's UK portfolio consists of the Brae Area assets, Beinn and Braemar fields, as well as the SAGE pipeline and onshore terminal, and the Brae-Miller Linkline. It has 100% operated equity in the Tern, Kestrel, Eider, Cormorant North, South Cormorant, Falcon and Pelican Fields. It holds an interest in the Hudson field Sullom Voe Terminal. TAQA is also operator of the Brent Pipeline System.
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Established in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).
TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.
Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA's power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.
Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA's oil and gas business includes exploration and production, underground gas storage and pipeline transportation.
Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation.
TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.
Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development.
For more information about TAQA visit: www.taqaglobal.com or Twitter: @TAQAGLOBAL