ABU DHABI / WAM
Abu Dhabi National Energy Co. (TAQA), is generating cash from overseas oil and natural gas operations and plans to sell some higher-cost wells in North America, according to Bloomberg. After a two-year programme to cut expenses, Taqa’s oil and gas businesses in North America and Europe are “cash-flow positive,” Saeed Hamad Al Dhaheri, TAQA Acting Chief Operating Officer, said on April 19.
The company will invest about AED1.8bn this year up from AED1.1bn in 2016. TAQA plans to invest more in the hydrocarbon business in Canada’s Alberta province, he added.
The company isn’t planning to de-list its stock from ADX, nor is the management studying possible mergers, Al Dhaheri noted. There are no current plans to sell any of our assets or exit from any of our existing markets,” Al Dhaheri said. TAQA “will continue to review our assets in order to evaluate options to optimize the portfolio,” and it may sell some oil and gas assets in the US and in Canada outside of central Alberta, Al Dhaheri added.