• 06 Nov 2012
  • Europe

TAQA optimistic about future investment in the UK oil and gas sector

November 6, 2012, Abu Dhabi, United Arab Emirates – 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.-ENDS-Contact Information for Media:Abu Dhabi
Thomas Ashby
GVP Corporate Communications
Tel +971 2 691 4802Allan Virtanen
Head of Media
Tel +971 2 691 4894
Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished 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.taqa.com or Twitter: @TAQAGLOBAL 

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