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Share Price: 506.20
Bid: 506.50
Ask: 506.70
Change: 2.10 (0.42%)
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Open: 506.10
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TAQA says has found oil in Darwin North Sea field

Sun, 17th Feb 2013 11:09

DUBAI, Feb 17 (Reuters) - Abu Dhabi National Energy Company(TAQA) has discovered oil in a new North Sea field off Scotland,TAQA said on Sunday.

Two columns of oil have been found since drilling began inNovember at the Darwin field near the Shetland Islands, TAQA,which acquired a 50 percent interest in the exploration area inearly 2012, said.

The state-owned company said in a statement it was stillevaluating Darwin's reserve potential and that work on one wellhad been suspended pending further tests.

"This discovery proves that the North Sea still has greatpotential," said Leo Koot, managing director of TAQA's UK oiland gas business.

Darwin is close to the TAQA-operated Cormorant South, NorthCormorant and Pelican fields in the Northern North Sea.

The United Arab Emirates-based company shut the neighbouringCormorant Alpha platform in mid-January after discovering an oilleak in one of its legs.

The leak also prompted TAQA to shut the Brent pipelinesystem, which runs through the Cormorant Alpha platform, for afew days as a precaution.

In November, the company which is 75-percent owned by thegovernment of Abu Dhabi, agreed to buy some BP North Seaassets for over $1.3 billion.

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