Abu Dhabi National Energy Co. (TAQA) might sell some of its oil and gas interests in North America to raise capital for its core business, its COO told Reuters on April 19.
The loss-making company, 75%-owned by the Abu Dhabi government, has been hit by low oil prices.
“It is possible we may look to dispose of some oil and gas properties in the U.S and ... Canada,” Saeed Hamad al Dhaheri said, without naming specific assets but excluding its operations in Central Alberta.
TAQA’s North American oil and gas business is based in Calgary with some of its properties in its South Area extending into Montana, North Dakota and Wyoming in the U.S.
In the U.S., TAQA also has a gas-fired power station in New Jersey and a wind farm in Minnesota.
“In Canada, we have identified Central Alberta as a geographic region which we want to further invest in,” he said, adding that certain assets that fall outside central Alberta might be sold.
TAQA, which made a loss of 18.55 billion dirhams ($5.1 billion) in 2016, has cut 1,400 jobs since 2014 and currently the company’s headcount stands at 2,200, he said.
Earlier this month TAQA said that the Abu Dhabi Water & Electricity Authority (Adwea) raised its stake to 74% from 52.38% after granting TAQA land valued at 18.7 billion dirhams that could potentially offset accumulated losses.
At the company’s annual general meeting on April 19, TAQA’s chairman Saeed Mubarak al-Hajeri told shareholders that TAQA has no plans to sell the land.
Shareholders also voted for three new board members who will join the four existing members of the company’s board.
Recommended Reading
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.