TAQA Bratani, the UK subsidiary of the Abu Dhabi national energy company, celebrates the first anniversary today as dutyholder of its four North Sea platforms: Cormorant Alpha, North Cormorant, Tern and Eider.
Leo Koot, managing director of TAQA Bratani, said: “Becoming the dutyholder of our installations has been a real success story for TAQA.
“In just one year, we have increased production from our assets by almost 40%: from 25,000 barrels of oil per day in September 2009 to a record average production output of more than 40,000 barrels of oil per day in the first quarter of 2010.
“The result of a committed capital investment programme totalling $430million (£279million) in 2010, this significant rise in production has secured our position as an important oil and gas operator in the North Sea and paves the way for sustainable growth in the future.
“Our first-year objectives as dutyholder focused on ensuring platform and well integrity, breaking the production decline and improving efficiency of the assets.
“We have delivered against all three; an important step towards extending the life of these assets and to building and maintaining a long-term sustainable energy business.”
TAQA Bratani has its headquarters at Westhill near Aberdeen.
The firm has seen rapid growth in the last couple of years and employs 1,200 – 400 staff and 800 contractors – between its onshore and offshore operations.
Mr Koot added: “TAQA has a stated strategy to explore organic growth opportunities within its global footprint.
“To optimise the output from our UK North Sea assets, we have reactivated the drilling rigs on North Cormorant and Tern.
“The first drilling campaign in the North Cormorant field was completed recently, drilling five successful wells.
“In addition, we are at the final stages of a mobile drilling campaign with the Stena Spey, which discovered commercial volumes in the new Falcon field and drilled two infill wells in the Pelican field.
“The development of the Falcon oil field is an example of our ambitious growth activities.
“The acreage was purchased less than a year ago, the Falcon field was explored and appraised this year and is planned to be in production as a subsea tieback to the Tern platform towards the end of 2011.”