Abu Dhabi’s Taqa mulling sales of oil and gas interests
The Abu Dhabi National Energy Company said September 1 it was reviewing its oil and gas operations as part of a goal to focus more on utilities and renewables.
The company, known commonly as Taqa, said it started a strategic review of its oil and gas holdings, which cover upstream and midstream components in the UK waters of the North Sea, the Netherlands, Canada and the semi-autonomous Kurdish north of Iraq.
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“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,” the company said.
For the first half of the year, the Taqa estimated production across its entire portfolio averaged more than 124,000 barrels of oil equivalent per day, with revenues of $937mn.
“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,” it added.
Taqa in March laid out a 10-year plan for transforming itself into a "champion for low-carbon power and water," while reducing its exposure to oil and gas markets.
The company will improve efficiency from its existing assets while seeking to meet increased demand for power and water in the UAE. It would continue to exploit "selective" opportunities overseas.
The company aims to expand its power generation capacity in the UAE from 18 GW to 30 GW, and establish up to 15 GW of capacity internationally. Renewable energy will be the focus, with solar power alone expected to account for 30% of Taqa's generation capacity by 2030.
Building on the March announcement, the company said September 1 that its “growth will be focused on significantly growing its utilities business both in the UAE and internationally.”