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.
Also In This Edition
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.