Taqa Takes US Gas Hit

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