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Wednesday, 19 April 2017

Abu Dhabi's Taqa Seeking to Sell Energy Assets in North America - Bloomberg

Abu Dhabi's Taqa Seeking to Sell Energy Assets in North America - Bloomberg:

"Abu Dhabi National Energy Co., the government-run company known as Taqa, is generating cash from overseas oil and natural gas operations and wants to sell some higher-cost wells in North America after reporting a record $5.2 billion loss last year.

After a two-year program to cut costs, Taqa’s oil and gas businesses in North America and Europe are “cash-flow positive,” Saeed Hamad Al Dhaheri, acting chief operating officer, said in an emailed response to questions. Taqa plans to invest more in the hydrocarbon business in Canada’s Alberta province, he said.

Taqa has written off assets, sold businesses and cut jobs and spending after losing money due to acquisitions and lower crude prices over the past two years. The company earlier this month reported a loss of 19 billion dirhams on one-time impairments for 2016. It lost 1.8 billion dirhams the previous year. Taqa currently has a market capitalization of 3.4 billion dirhams.

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