Abu Dhabi National Energy Company PJSC (“TAQA”), one of the largest listed integrated utility companies in the region, announced today that it has initiated a strategic review of its oil and gas operations.
Since 2005, TAQA has built a high-quality portfolio of upstream and midstream oil and gas operations in the UK North Sea, the Netherlands, Canada and the Kurdistan Region of Iraq. The portfolio includes onshore and offshore exploration, development and production of crude oil, natural gas and natural gas liquids; gas storage; and oil & gas processing and transportation.
In the first half of 2021, production across the portfolio totaled more than 124,000 barrels of oil equivalent per day and generated revenues of $937 million (AED 3.4 billion) with a net income of $145 million (AED 533 million).
The review will assess strategic options for the oil and gas division and the optimal course for its future development, while taking into consideration the evolution of the global energy industry as it transitions towards a cleaner and more sustainable future. All options will be considered, including the sale of some or all the assets, or the retention and development of the assets within the TAQA Group.
Following the launch of TAQA’s new strategy in March of this year the company’s growth is set to be more focused on significantly growing its utilities business both in the UAE and internationally.