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.

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