The Abu Dhabi National Energy Company, also known as Taqa, has revised its profit for last year upwards to more than Dh1 billion as it revealed it had more Canadian oil and gas than previously estimated.
The oil, gas and power group controlled by the Government of Abu Dhabi said yesterday its net earnings last year were Dh1.02bn (US$277.6 million), a sharp improvement from Dh182m in 2009. In unaudited financial results released this year, it had posted Dh937m of earnings.
Carl Sheldon, the general manager of Taqa, attributed the revision to the completion of a review of the company's oil and gas reserves at the end of last year. The assessment led to an upgraded estimate of the company's western Canadian reserves - the result of a successful development programme in the region.
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