UAE’s Taqa reports first oil from Cladhan field in North Sea

30/12/2015 Argaam

Abu Dhabi National Energy Co. (Taqa) has reported its first oil from the new Cladhan field development in the UK’s North Sea, the company said in a statement Tuesday.

 

The field is located in the northern North Sea, approximately 100 kilometers north east of the Shetland Islands.

 

“Cladhan is the third field developed by TAQA and the largest to date,” said Peter Jones, Taqa’s UK managing director.

 

Like other oil companies, Taqa has been hit by the steep declines in global oil prices.

 

For the first nine months of 2015, the Abu Dhabi-based energy company recorded a net loss of AED 581 million, compared to a profit of AED 620 million during the same period in 2014. 

 

It was forced to cut capital spend by 43 percent and reduce global oil and gas headcount since July 2014.

 

Taqa, which operates Cladhan, has a 64.5 percent interest in the field with Sterling Resources (UK) Ltd and MOL Group holding a two percent and 33.5 percent interest, respectively.

 

In the UK, Taqa operates five platforms that produce from 13 fields spread across north and central North Sea. It also operates of the Brent Pipeline, the statement said. 

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