TAQA Hit By Commodities Slump Despite Record Output

Abu Dhabi National Energy Company’s (TAQA’s) losses increased last year despite record output, because of a “structural change in commodity prices.” The company reported a net loss of Dh3.01bn ($820mn) for 2014, compared with Dh2.52bn ($690mn) in 2013.

Yet underlying revenues rose 8.6% to Dh22.99bn ($6.27bn) in 2014 from Dh21.15bn ($5.77bn) in 2013. The increased revenues resulted from record oil and gas production of 158,900 boe/d in 2014, compared with 142,200 boe/d in 2013, and a rise in electricity generation to 82.7GWh in 2014 from 76.6GWh in 2013 (see table).

“Despite the challenging price environment we have delivered outstanding operational performance,” says TAQA CEO Edward LaFehr. “We successfully delivered two major projects safely, on time and within budget, and made significant progress at our third major project in the Kurdistan Region of Iraq.”


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