Abu Dhabi National Energy Co. may sell its oil and gas assets after a review, as the state-owned utility focuses on growing its utilities business. The shares gained.
“All options will be considered, including the sale of some or all the assets, or the retention and development of the assets, the company, also known as Taqa, said on Wednesday.
The business includes onshore and offshore exploration, and spans the UK, Canada, the Netherlands, and Iraq’s Kurdistan region.
Taqa shares rose as much as 3 percent in Abu Dhabi on Thursday. Valued at $42 billion, Taqa is one of the largest listed companies in the United Arab Emirates.
The firm’s oil and gas business has struggled because of last year’s coronavirus-triggered slump in commodity prices and the portfolio could be worth substantially less than the billions of dollars it spent to build it, Bloomberg reported earlier this year.
In the first half of 2021, production across the portfolio totaled more than 124,000 barrels of oil equivalent per day and generated revenue of 3.4 billion dirhams ($937 million), Taqa said.
The company has a monopoly on power and water distribution in Abu Dhabi, capital of the oil-rich United Arab Emirates. The city’s government aims to create a regional utility champion out of the company.
TAQA Group and Abu Dhabi Ports planning 2 GW green hydrogen to ammonia projectAbu Dhabi has made a step towards placing the emirate at the heart of a new emerging global market for green energy.Abu Dhabi National Energy Company ... Energy
TAQA in talks to buy power plants in Abu Dhabi, plans green bonds in 2022, says CFOAbu Dhabi National Energy Company (TAQA) is in talks to buy power plants in the United Arab Emirates and could issue debut green bonds in 2022 as it ... Energy
Abu Dhabi’s energy firm TAQA sells $1.5 billion in bondsAbu Dhabi National Energy Company (TAQA), owned by Abu Dhabi state-owned holding company ADQ, sold on Tuesday $1.5 billion in dual-tranche bonds ... Energy
UAE energy firm TAQA plans to expand its renewables portfolio in shift away from oilUnited Arab Emirates power producer Abu Dhabi National Energy Co. (TAQA) announced on Wednesday plans to increase its renewable energyassets, in a ... Energy
Abu Dhabi’s energy firm TAQA plans international bond sale, say sourcesAbu Dhabi National Energy Company (TAQA), owned by Abu Dhabi state-owned holding company ADQ, is planning an international bond sale, two sources ... Energy