TAQA Receives UK Approval For North Sea Development

Abu Dhabi National Energy Company, TAQA, announced that it has received approval from the UK government to develop its Morrone field in the Central North Sea.

The field is expected to initially produce over 3,000 barrels of oil equivalent per day with first oil expected in the third quarter of 2014, the company said in a statement.

The initial phase of development will consist of an extended reach well drilled from the TAQA-operated Harding platform, which is 5km north of the Morrone field.

Pete Jones, managing director of TAQA’s UK business, said: “Reaching this milestone so quickly is due to an intense effort by TAQA’s subsurface and wells teams, close collaboration with our partners, and a smooth transition of operatorship of the field from BP in June 2013.”

TAQA holds a 70 per cent interest in Morrone, with Maersk Oil North Sea UK Limited holding the remaining 30 per cent.

The energy firm, 75 per cent owned by the government of Abu Dhabi, operates across 11 countries in the Middle East, India, Africa, the UK and the US.

It recently reported a net profit of Dhs146 million dirhams for the third quarter of the year, compared with a loss of Dhs288 million in Q3 2012.