The Abu Dhabi National Energy Co or TAQA, the state-controlled oil explorer and power supplier, has reported a full-year loss of $5.05bn (AED18.55bn) for 2016.
The net loss was largely fuelled by a $4.6bn post-tax impairment, related to its oil and gas assets, due to the lower oil prices environment, TAQA said in a statement.
TAQA, in which the government of Abu Dhabi owns 75%, recorded a net loss of about $490mn for the previous year. It did not provide a quarterly earnings breakdown for 2016.
Like most global oil and gas companies, TAQA has been under pressure because of the drop in oil prices. The company has reported losses in the preceding six quarters.
TAQA has embarked on a major cost-cutting programme, which is said had generated $3.59bn in cost savings over the past two years.
Annual revenue fell 17% to $4.38bn, which TAQA said was largely due to lower commodity prices and volumes.
Oil production fell to 137,300 barrels of oil equivalent per day (boed), a decrease of 5% compared with 2015.
TAQA said its Iraq project – the 30,000 boed Kurdistan Atrush facility – is on track with first oil expected this year.
In October, TAQA raised $750mn, tapping its $1bn 2021 and 2026 bonds issued in June.
