Abu Dhabi National Energy Company, known as Taqa, has bought a North Sea oilfield as it seeks to increase its European presence.
The field is linked to the company's existing pipeline infrastructure but has seen output steadily decline in the past three years.
The acquisition is seen as a test of Taqa's new strategy to focus on buying assets that tie in more closely to its existing investments.
The company holds a diverse portfolio including gasfields in western Canada and power plants in the Caribbean, which it acquired in a three-year buying spree that was put on hold last October when its former chief executive left.
Taqa yesterday announced it had bought an 81 per cent stake in the Otter oilfield in British waters from the French oil giant Total. It did not disclose the value of the transaction. The other 19 per cent is held by Dana Petroleum, a small British oil company.
Otter produces about 8,000 barrels per day (bpd) of crude, down from 25,000 bpd in 2007, Total says. Output from the field would raise Taqa's total production of oil and gas in the North Sea by 15.8 per cent, up from a total of 50,400 barrels of oil equivalent today, figures from the company's website show.
Taqa officials yesterday said they were confident they could still squeeze oil out of the declining field. Otter would add to Taqa's existing output "efficiently", said Abdulla al Nuaimi, the company's chief executive.
"This transaction again underscores our long-term commitment to the North Sea," Mr al Nuaimi said. "Taqa has gained first-hand operational expertise of operating mature fields in the area and we are confident of the opportunity to optimise the asset efficiently."
Total started production at the field in 2002 from three wells. It built a 21km pipeline to take oil from the field to the Eider platform, then owned by Shell but bought by Taqa in 2008.
The new field tied in to Taqa's existing infrastructure, said Leo Koot, the managing director of Taqa Bratani, the company's North Sea division.
"This transaction is an excellent fit with our strategic objectives and again presents us with the opportunity to grow production and further develop the blocks," he said.
In 2008, Taqa paid US$631 million (Dh2.31 billion) to buy seven oilfields from Shell and ExxonMobil. Last year, the company bought DSM Energy, a Dutch oil and gas producer, for $285m, and took control of the Brent pipeline system.
cstanton@thenational.ae
The%20specs
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More on Quran memorisation:
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
No.6 Collaborations Project
Ed Sheeran (Atlantic)
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
SPECS%3A%20Polestar%203
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PRISCILLA
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UAE currency: the story behind the money in your pockets
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MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
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Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Story%20behind%20the%20UAE%20flag
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
HER%20FIRST%20PALESTINIAN
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Company%20Profile
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How Voiss turns words to speech
The device has a screen reader or software that monitors what happens on the screen
The screen reader sends the text to the speech synthesiser
This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen
A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB
The speech synthesisers VOISS develops are free
Subsequent computer versions will include improvements such as wireless keyboards
Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser
Partnerships planned during Expo 2020 Dubai to add more languages
At least 2.2 billion people globally have a vision impairment or blindness
More than 90 per cent live in developing countries
The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh