Taqa mulls oil and gas exit
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Taqa mulls oil and gas exit

By MEED    03 Sep 2021 (Last Updated September 2nd, 2021 15:46)

Taqa started reviewing the future of its oil and gas industry in its transition to more sustainable planning.

Taqa mulls oil and gas exit
Abu Dhabi energy shifts focus on utilities. Credit: MEED.

Abu Dhabi National Energy Company (Taqa) has announced it has initiated a ‘strategic review’ of its oil and gas business.

The Abu Dhabi Stock Exchange (ADX)-listed energy company said that the review would ‘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.’

In a stock market statement on 1 September, Taqa said: “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.”

Since 2005, Taqa has built a portfolio of upstream and midstream 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 and gas processing and transportation.

In the first half of 2021, production across the portfolio totalled more than 124,000 barrels of oil equivalent per day (boed) and generated revenues of $937m, with a net income of $145m.

Following the launch of its new strategy in March this year Taqa’s growth strategy will be ‘focused on significantly growing its utilities business both in the UAE and internationally,’ the company said.

Energy Transition in the Middle East

A major new report from MEED looks at how the global shift away from fossil fuels is reshaping energy policy in the Middle East and North Africa, and its impact on business and project investment.

Learn more about the report here.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.

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