Abu Dhabi power company Taqa has confirmed its long-term interest in the North Sea to Scottish First Minister Alex Salmond at a meeting in the Middle East.
Leo Koot, TAQA’s Brantani managing director said: “TAQA continues to invest heavily in the future of its UK North Sea business, with capital expenditure for the next two years at broadly similar levels to 2010 and 2011.”
TAQA has invested over $1 billion in the UK sector of the North Sea over the last three years and sees potential in improving ageing infrastructure. Mr Koot said work would likely continue: “With up to 24 billion barrels of oil equivalent remaining in the UK North Sea, the rewards of investing in the basin are still high. Companies like TAQA, who maximize production from mature installations and focus on small field developments, are key to ensuring the recovery of these remaining reserves.”