Industry

High crude prices will continue to fuel the expansion of GCC economies, boosting the number of jobs for nationals and foreigners, the regions private sector has said.

The Arab petroleum Investments Corporation (Apicorp), a multilateral development bank owned by the 10-member states of the Organization of Arab Petroleum Exporting Countries (OAPEC) has said it is in discussions to exit key investments and reinvest the proceeds in new oil and gas projects across the MENA region.

The Abu Dhabi National Energy Company (Taqa), a publicly listed company on the Abu Dhabi Securities Exchange, has acquired Totals entire equity stake of 81 per cent in production licences for two blocks in the Otter Field Development Area.

Otter lies adjacent to Taqa Bratanis existing North Sea interests, purchased in 2008, and is a sub-sea tieback to the Taqa Bratani operated Eider Platform. Average daily production from the Otter Field is approximately 8,000 bpd.

"This transaction again underscores our long-term commitment to the North Sea," said Abdulla Saif Al-Nuaimi, Chief Executive Officer and Managing Director of Taqa.

"Since entering the North Sea, 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. We have a world-class team in place and, with the addition of this adjacent property, we have a clear opportunity to further develop the blocks."

Strong oil prices have boosted the projected energy investment in the Mena region by nearly US$65bn to around US$615bn over the next five years, according to an official study.