Abu Dhabi National Energy Co plans to spend at least $600 million (Dh2.2 billion) over the next two years doubling its North Sea oil output, Scottish First Minister Alex Salmond said.
The oil, gas and utility company known as Taqa wants to increase North Sea production to 80,000 barrels a day from the current daily level of 40,000 barrels, Salmond said in Dubai on Thursday.
"They definitely have their eye on acquisitions," Salmond said. "Taqa will invest in new fields and they also want increasing oil flow from their existing fields."
Taqa, which was set up in 2005, has spent $1 billion on capital expenditure in the North Sea over the past three years, Taqa executive Leo Koot said in a statement issued by the Scottish government on Tuesday. It operates four platforms and has stakes in other fields. It plans to invest