Abu Dhabi National Energy Company, also known as Taqa, on Tuesday announced first oil from the new Cladhan field development in the UK North Sea.
The field is located in the northern North Sea, about 100 kilometres 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. “First oil therefore represents a significant milestone.”
The Abu Dhabi-based company said the latest producing field shows its commitment to “invest in infrastructure and to maximise economic recovery in the North Sea”.
The company operates five platforms in the UK, that produce from 13 fields across the North Sea.
Like other oil and gas companies, Taqa has been hit by the tumbling price of crude.
The company reported a loss of Dh416 million for the three months that ended on September 30, compared with a profit of Dh107m in the same quarter last year.
The lower price of oil has sent shocks across the board for oil and gas companies. The price of Brent is now less than US$40 a barrel, compared with highs in summer last year of more than $110 a barrel.
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