The Abu Dhabi National Energy Company, also known as Taqa, plans to use high oil prices to ensure funds for a coming US$1.8 billion (Dh6.61bn) capital investment programme.
The government-controlled company, listed on the Abu Dhabi Securities Exchange General Index, has budgeted this year for projects that include power plant expansions and the construction of a large gas storage and distribution centre. This year's investment programme is $400 million more than last year's capital expenditures.
To ensure cash flow to fund this year's capital programme, Taqa is seeking to sell forward 50 per cent of its projected future oil and gas production from North America and the North Sea for the next 18 months, locking in recent crude prices above $100 a barrel.
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