Taqa Bratani expects its North Sea oil production to peak at around 60,000-65,000 barrels per day in 2012, the head of the company’s UK arm has revealed.
The managing director Leo Koot, said at an industry event that the firm is steadily increasing output from fields bought from other companies by raising recovery rates and efficiency gains.
“We entered 2010 around 40,000 bpd and will exit around 54,000 (bpd),” Koot said. “Production will peak in 2012 and we expect production then to be between 60,000 (bpd) and 65,000 bpd.”
Koot also revealed the company will begin new oil explorations around it s Tern oilfield as a result of the deal with the UK government and Treasury that an as yet undeveloped oil accumulation would be designated as a new oil field, known as Tern North.
This would enable the firm to avoid paying petroleum revenue tax (PRT) on Tern North.
Koot said: “We have made an agreement in principle on PRT so will only pay regular taxes for the field, it will be very advantageous.”
