Abu Dhabi National Energy Company (TAQA) has made an oil discovery in its recently acquired Darwin oil field in the UK North Sea. TAQA said this illustrates the enormous potential that still exists in the mature oil and gas province. The news comes as the company prepares to issue a bond next month to refinance a power and water plant in Abu Dhabi.

“This discovery proves that the North Sea still has great potential, and that it is possible to unlock opportunity and produce growth,” managing director at TAQA UK’s oil and gas business Leo Koot said on 17 February. “This is an exciting and challenging opportunity and we look forward to repeating our success in safe and fast field developments.” State-owned TAQA bought a 50% stake in the prospective Darwin field from North Sea-focused independent Fairfield Energy in February last year (MEES, 20 February 2012). (CONTINUED - 326 WORDS)