Abu Dhabi’s TAQA gets nod on UK North Sea plan

Abu Dhabi National Energy, also known as TAQA, has announced that its plan to develop part of the Cladhan field in the UK North Sea has been approved by the UK government.

Cladhan is expected to produce over 17,000 barrels of oil equivalent per day initially, with first oil expected in Q1 2015.

The production will be tied back to TAQA’s Tern Alpha platform which lies 17.5km northeast of the Cladhan field.

“The Cladhan development is the third field that TAQA has developed and the largest project to date,” said Leo Koot, managing director of TAQA’s UK business.

“Developing Cladhan as a tie back to Tern supports TAQA’s strategy to invest in our infrastructure as we recognise the crucial part it plays in allowing us to maximise recovery from the northern North Sea,” he added.

TAQA has a 40.1 percent stake in the Cladhan field but has agreed to acquire further equity from Sterling Resources (UK) Ltd in return for providing funding to Sterling to take the project through development.

Source: Arabian Business