• 02 Jan 2009
  • Europe

TAQA accelerates North Sea production with new rig contract

Investment continues with MOBILE DRILLING CAMPAIGNABERDEEN – TAQA Bratani Limited (TAQA), (the UK arm of the Abu Dhabi National Energy Company PJSC), today announce they have secured the Stena Spey drilling rig on a seven month contract with Stena Spey Drilling Limited, based in Aberdeen.The semi-submersible rig will drill up to 4 wells at a distance of around 175 km from the Shetland Islands, in the northern North Sea, in water depth of approximately 161 metres. The first will be an exploration well north of the Tern field in licence blocks acquired by TAQA in 2009. Further drilling and restoration of well integrity will take place in the Pelican sub-sea field, adjacent to the Cormorant Alpha platform. First oil production is expected before the end of 2010.Managing Director Leo Koot said: “TAQA delivers on our promises. As new operators in the North Sea in 2009 TAQA was determined to build our assets and increase hydrocarbon recovery. This contract steps up our investment in developing indigenous North Sea resources for the UK and follows the November 2009 announcement of our first new producing well on the North Cormorant field“TAQA intends to spend around three quarters of a Billion dollars in the UKCS throughout 2010. We are ideally placed to generate success in the North Sea – we have the energy, the expertise and the financial strength from a diverse global portfolio to ensure we can fund and manage long term projects even in times of economic unease.”Sir Robert Smith, MP for Aberdeen West and Kincardine and a member of the Energy and Climate Change Committee, said: “This is very welcome news and a boost to the North Sea at what is still a difficult time. Drilling activity is vital to ensuring future job prospects as well as energy security. Without further discoveries and well development the UK would lose out on the full potential the North Sea has to offer. TAQA’s commitment will help deliver that potential.”The Stena Spey will be on site for TAQA by mid March this year and drilling will commence immediately. Any development will be through a sub-sea tieback to existing TAQA infrastructure.TAQA’s planned programme of activity for 2010 includes platform drilling campaigns on the North Cormorant and Tern installations in parallel with the mobile drilling campaign.- ENDS -Contact Information for Media:
Allan Virtanen
TAQA Media Relations, Abu DhabiTel +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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