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Abu Dhabi National Energy Company (TAQA) racked up net losses of $690mn for 2013 as it marked down the value of its primarily gas-producing North American assets on the back of sustained low US natural gas prices.
A one-off impairment of $870mn was “realized as a result of a reduction in long-term assumptions for natural gas prices in North America and is in line with recent write-downs by other natural gas producers in the region.”
TAQA, in a 25 March statement, said that the impairment would not affect operations.
In terms of production, TAQA had a decent 2013, growing overall upstream output by 4.4% to 142,000 barrels of oil equivalent per day (boe/d). (CONTINUED - 237 WORDS)
DATA INSIDE THIS ARTICLE
|table||Taqa’s Upstream Production|