State-controlled Abu Dhabi National Energy Company (TAQA) turned a net profit of about $40mn in 3Q13 after sliding into a loss during the first half of the year.
TAQA had attributed its early-2013 troubles to a “series of one-off events,” most of which were corrected by the third quarter. Indeed, between the resumption of activity at the company’s Cormorant Alpha asset in the UK and additional volumes from its assets in the UK’s central North Sea, TAQA’s UK production rose by about 80% between 2Q13 and 3Q13 – from 32,200 barrels a day of oil equivalent (boe/d) to 57,800 boe/d (see table). Additionally, the technical availability of TAQA’s international power plants soared from a low of about 80% in 1Q13 to around 97% in the third quarter. (CONTINUED - 262 WORDS)