ABU DHABI, United Arab Emirates, Dec. 17 (UPI) -- Abu Dhabi National Energy Co. said it received approval from the British government to develop its Morrone oil field in the central waters of the North Sea.
The company, more commonly known as TAQA, said it expects the field to produce more than 3,000 barrels of oil equivalent per day once it's up and running. The first volumes of oil are expected from the field in late 2014.
"Reaching this milestone so quickly is due to an intense effort by TAQA's subsurface and wells teams, close collaboration with our partners, and a smooth transition of operatorship of the field from BP in June 2013," Peter Jones, managing director of the company's British business, said in a statement Monday.
TAQA acquired its stake from BP for an estimated $1 billion. It holds a majority interest in the Morrone field alongside Denmark's Maersk Oil, which holds a 30 percent stake.
There was no statement on the decision from Maersk.