Abu Dhabi’s international energy and water investment company Taqa posts 158% Q1 profit hike as portfolio grows « ArabianMoney

Abu Dhabi’s international energy and water investment company Taqa posts 158% Q1 profit hike as portfolio grows « ArabianMoney:



"Abu Dhabi’s international energy and water investment company Taqa, one of its smaller sovereign wealth funds, posted a net profit of $75 million for the first quarter, up 158 per cent on a year earlier on revenues ahead 34 per cent to $2 billion. It cited a recovery in UK North Sea oil output, stronger natural gas prices in North America and higher technical availability in the international power fleet. There was plenty of progress across Taqa’s global portfolio.



Hydrocarbon production in the UK North Sea increased by 118 per cent to 62.9 thousand barrels of oil equivalent a day after the restoration of production of the Cormorant Alpha platform in the UK North Sea, the integration of new assets in the central North Sea and a successful drilling programme at North Cormorant."



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