The Abu Dhabi National Energy Company TAQA, announced today that it will release its Q4 and full year 2010 financial results for the period to 31 December 2010 ahead of market opening on Wednesday.
In early February, the company announced preliminary results for 2010 that showed profits were up a massive 415% at AED 937 million (US$255 million) from the previous year.
The company attributed the result to overall optimisation and selective acquisition strategies as well successful refinancing initiatives that helped it strengthen its financial position.
Commenting on the preliminary results, Abdulla Saif Al-Nuaimi, CEO and MD of TAQA, said: “2010 has been a year of focus for TAQA and we have, as a result, delivered substantial improvement in financial performance. We have worked hard to harness efficiency and opportunity within our footprint while simultaneously adding to it with valuable and complementary transactions during 2010. The net result is a boost to the bottom line and EPS for the period.
“While the economic environment remains somewhat challenging, the more positive commodity pricing environment resulted in a strong final half to the year. Combined with our rapid and tightly priced completion of necessary refinancing during 2010, we have started 2011 with confidence and conviction.”
Oil & Gas
In July TAQA received approval to increase the reservoir pressure from 35 bars to 80 bars at the Bergermeer Gas Storage project in the Netherlands. The move was to help it increase the allowable volume of cushion gas in the facility.
In the following month TAQA North completed acquisition of selected Suncor Energy Oil and Gas Partnership assets worth CDN $285 million ($293 million). Also in August signed agreements for the transfer of a 24% stake in the Bergermeer Gas Storage project previously owned by Dyas B.V. and Petro-Canada Netherlands B.V. to TAQA, taking TAQA’s ownership of the project from 36% to 60%.
TAQA in September signed a Sale and Purchase Agreement (SPA) relating to TOTAL’s entire equity stake of 81% in production licences for two blocks in the UK North Sea, with the potential to add approximately 8,000 boe/day. TAQA awarded three licences in the UK North Sea from the UK’s Department of Energy and Climate Change (DECC) in October.
November saw crude oil production successfully start from the Rijn field offshore the Netherlands, which TAQA acquired in 2007. TAQA applied recent advances in technology to restart the Rijn field, 12 years after being shut down.
