Abu Dhabi-based energy firm Taqa posted a £25million third quarter profit after being boosted by the return to action of its North Sea assets.
Full production restarted on the Cormorant Alpha platform in August, after being shut down for much of the year following a leak.
Coupled with the integration of the Harding, Morrone and Maclure North Sea fields bought from BP earlier this year, the company saw its North Sea production up 39% year on year to 57,800 barrels of oil equivalent per day.
“I am proud of the strong operational performance across the company as we recovered from the challenges faced in the first half of the year,” said chief executive Carl Sheldon.
“In the UK, seamless integration of the assets we acquired in the Central North Sea, combined with the restoration of production at Cormorant Alpha, led to record levels of production in September.
“In October, the first of the two new units at Jorf Lasfar in Morocco was synchronised with the national grid, a major milestone in the full commissioning of both units by early 2014.”
Third quarter profits hit £24.7million, compared to a £48million loss in the same period last year.
The company is now looking to expand the Jorf Lasfar plant in Morocco, along with new oil and gas projects in Ghana, Kurdistan and the Netherlands over the next year.
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