The head of Abu Dhabi’s state energy company has said he is still optimistic about investing in the North Sea, providing the incentives are right.
Hamad Al-Hurr Al-Suwaidi, chairman of Abu Dhabi National Energy Company, or Taqa, was speaking after meeting Prime Minister David Cameron in Abu Dhabi.
Mr Cameron is on a trade visit to the Gulf states to encourage investment in the UK.
Taqa has already invested more than £2.5billion in the North Sea since buying into the region in 2007, making it the largest single United Arab Emirates’ (UAE) investor in the UK.
Mr Al-Suwaidi said: “We are optimistic about the future of Britain’s North Sea oil and gas industry as long as the right incentives for future investment exist.”
Taqa chief executive Carl Sheldon added: “We are actively looking at further investments in the North Sea and look forward to continuing to strengthen our dialogue with the UK Government to ensure the market structure remains open to UAE investment.”
Mr Cameron was visiting the UAE to discuss future energy needs, potential technology partnerships and investment into UK markets.
Taqa subsidiary Taqa Bratani operates the northern North Sea Tern, Kestrel, Eider, Cormorant and Pelican fields.
It also holds interests in the Dana-operated Hudson field, Brae Complex, Sullom Voe terminal and Brent System, which it operates.
Last month, it took over operatorship of the Cladhan development.
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