Abu Dhabi National Energy Company (TAQA) recorded AED 9 billion of revenue in the first half of the year, a 5 per cent increase compared to H1 2018.
The Group’s oil and gas business delivered a strong performance with an 11 per cent increase in revenue, mainly driven by increased production volumes from its assets in Europe and Iraq.
Taqa’s oil and gas business delivered a 15 per cent improvement in EBITDA of AED 193 million. The increase in oil and gas capex was largely driven by the AED 116 million acquisition of an additional 7.5 per cent working stake in the Atrush Block from Marathon Oil Kurdistan B.V. in May of this year. The acquired stake increases TAQA’s working interest in the project from 39.9 per cent to 47.4 per cent.
Additional capex in Iraq was focussed towards bringing new wells on stream and the impact of debottlenecking work to increase the capacity of the current production facility. This has proven to be a worthwhile investment, with TAQA’s entitlement production increasing to 5,728 boe/d in H1 2019, a 149 per cent improvement compared to the previous year.
Commenting on the positive performance, Saeed Mubarak Al Hajeri, Chairman of TAQA, said: “Our solid performance in H1 2019 is underpinned by our strong operational performance. We also made exciting progress in advancing our strategy of maintaining capital discipline with focused investments in our core assets, such as the Atrush Block. Looking ahead, we remain optimistic and believe that our investments in the UAE and other strategic markets will contribute to a sustained growth story.”