THE chief executive of TAQA will tell an audience in Aberdeen today that he would like to see the Abu Dhabi National Energy Company soon in a position where it has daily production of 150million barrels of oil equivalent from the North Sea and proven plus probable reserves of some 200million barrels.
Peter Barker-Homek, giving a keynote address at the start of the seventh Royal Bank of Scotland North Sea Conference, will also outline how TAQA has plans to build its investment in India, Africa and Canada besides continuing to develop its asset base in the UK North Sea.
He said yesterday: “It is difficult to look too far ahead at this juncture with everything that is going on in the world at present.
“But I have had numerous meetings with chief executives of smaller companies for whom funds are difficult to access at the moment.
“TAQA is well capitalised and could provide an alternative. We are a very entrepreneurial organisation and see ourselves as the majors withdraw from the North Sea being a next-generation player, with the ability to develop small-scale assets and help to secure energy supplies both for the UK and Europe.”
TAQA has announced earlier that it has plans to invest £750million over three years to boost output and make more acquisitions in the UK.
It would also expect its workforce here to grow from 40 at present to between 400 and 600.
It has already acquired a package of assets from Shell and ExxonMobil in a deal likely to complete in the final quarter of this year, and acquired assets from Canadian company Talisman earlier in the year. The Middle Eastern company recently unveiled a long-term commitment to the Aberdeen area by taking a 10-year lease on offices at Westhill which will have the capacity to house 300 people including both TAQA staff and contractors.