The Abu Dhabi National Energy Company (Taqa) has made public its plans to double European oil production over the next five years, it has been reported.

Currently, the company pumps 55,000 barrels of oil daily across its various European plants, but would like to see this rate doubled to a similar level of that which they extract from North America; 100,000 barrels per day.

Speaking specifically about the opportunities offered by North Sea oil, Taqa's managing director Paul van Gelder said: "I can guarantee there will be a lot of news from us in the coming months.

"We are looking for opportunities in Northwest Europe to buy assets or companies to balance our portfolio. There is still a lot of oil and gas to be found in the North Sea, and Aberdeen has excellent skills.

Further plans for the future also include expanding from Europe to North African and East European states, according to the director.

The sudden boost in investment in North Sea oil reserves comes largely as a result of the price hike seen in oil recently.

Until the cost of a barrel hit the $100 mark, the small pockets of oil found in the North Sea were not thought to be economic, although with prices perhaps hitting double such prices, the outlook has changed.

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