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UAE's Taqa to invest $1.46 bln to boost NSea output

Thu Aug 7, 2008 8:35am EDT

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DUBAI, Aug 7 (Reuters) - Abu Dhabi National Energy Co (Taqa) TAQA.AD will invest 750 million pounds sterling ($1.46 billion) over three years to boost oil output from North Sea operations, it said on Thursday.

"Over the next year we will establish a UK operation in England with 400 to 600 people. We will be investing 250 million pounds per annum for the next three years in the UK," Chief Executive Peter Barker-Homek said on a conference call after the company reported quarterly earnings.

Taqa aims to raise production to 60,000 barrels from 40,000 barrels of oil equivalent per day. Taqa bought stakes in North Sea fields from Royal Dutch Shell (RDSa.L) and Exxon Mobil (XOM.N) last month. (Reporting by John Irish; Editing by Simon Webb and Anthony Barker)



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