Abu Dhabi National Energy Company (TAQA) is considering divesting some or all of its oil and gas assets as part of a strategic review.
The firm said that the review will focus on assessing strategic options for the sale of some or all the oil and gas assets. It may also consider options to retain and develop the assets within the larger group.
As part of the review, TAQA will also assess the optimal course for its future growth.
The assessment will be based on the global energy industry’s evolution as it shifts towards a cleaner and sustainable future, the company noted.
Owned by Abu Dhabi state-owned holding company ADQ, TAQA has upstream and midstream operations in the UK North Sea, Canada, the Netherlands, and Iraqi Kurdistan.
The portfolio of assets includes onshore and offshore exploration, development and production of crude oil, natural gas, and natural gas liquids.
It also includes gas storage, as well as oil and gas processing and transportation.
In the first half of 2021, TAQA’s portfolio reported more than 124,000 barrels of oil equivalent per day. It also generated $937m (AED3.4bn) of revenues with a net income of $145m (AED533m).
In a press statement, TAQA said: “Following the launch of TAQA’s new strategy in March of this year the company’s growth will be focused on significantly growing its utilities business both in the UAE and internationally.”
Last month, Reuters reported that TAQA signed a deal to sell certain light oil and natural gas-producing assets in Canada to Blue Sky Resources.
As of September 2020, the assets considered for sale had a production of 9,359 barrels of oil equivalent per day.