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Tuesday, September 15, 2009     FOLLOW UPDATES ON TWITTER

United Arab Emirates to drill for oil in Britain's North Sea

ABU DHABI Ñ The United Arab Emirates has purchased exploration blocks in the North Sea.   

The UAE's state-owned Abu Dhabi National Energy Co. has acquired four exploration blocks in Britain's North Sea. The blocks were purchased for an unspecified amount from Royal Dutch Shell and Exxon Mobil, Middle East Newsline reported.

In a Sept. 3 statement, Abu Dhabi National Energy, or Taqa, said it would begin drilling in the North Sea in 2010.


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The company's subsidiary in Britain was said to have allocated $2 billion for the acquisition of the North Sea assets.

In 2008, the company acquired neighboring blocks from ExxonMobil and Shell.

In August, Taqa gained control from Shell of operations in the North Sea Brent crude system. The system is regarded as a major determinant in the global price of oil.



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