TAQA Investment Hailed by Local MP

The announcement that oil firm TAQA has agreed to purchase assets in the North Sea belonging to BP for $1 billion has been hailed by local MSP Dennis Robertson.

Abu Dhabi headquartered TAQA - whose UK office is based in Westhill - is expected to increase their net production by 21,000 barrels of oil equivalent per day once the purchase is complete.

The development comes as a new report from Scottish Enterprise anticipates that 86 new oil & gas fields will begin development in the North Sea by 2016, with investment of £44 billion expected.

Commenting, SNP MSP Dennis Robertson whose constituency includes Westhill said:

“This is a real signal of intent from TAQA and underlines their determination to remain a significant player in the North Sea oil & gas sector.

“It is a significant boost to Westhill and to the wider region that TAQA has committed itself to the North Sea industry in the long term.

“The move lends significant weight to Scottish Enterprise’s predictions of the substantial activity and investment that their report anticipates will take place in the North Sea in coming years.

“I am delighted at this news and what it will mean for the company."