Taqa, the Abu Dhabi National Energy Company, is considering selling its oil and gas holdings after conducting a strategic assessment. Taqa has upstream assets in the North Sea of the United Kingdom, the Netherlands, Canada, and Iraq’s Kurdish area. The announcement comes in the wake of a movement in Abu Dhabi’s corporate culture toward cleaner energy.
In the first half of the year, the company’s total portfolio contained more than 124,000 barrels of oil equivalent per day, generating revenue of Dh3.4 billion ($937 million) and a net income of $145 million.
In a release on Wednesday 1st September 2021, the company said: “The review will assess strategic options for the oil and gas division and the optimal course for its future development while taking into consideration the evolution of the global energy industry as it transitions towards a cleaner and more sustainable future.”
“All options will be considered, including the sale of some or all the assets, or the retention and development of the assets within the Taqa Group.”
Taqa said in April that it would invest Dh40 billion in infrastructure development. By 2030, the corporation wants to add roughly 27 gigawatts of generating capacity and diversify its renewable energy portfolio. As part of the UAE’s efforts to enhance sustainable energy capacity, the company is creating one of the world’s largest solar projects at Al Dhafra with a total capacity of 2 gigawatts alongside its partners.
In July 2020, the company merged with Abu Dhabi Power Corporation. The arrangement, which amounted to a reverse takeover, saw ADPC transfer assets worth Dh120 billion to Taqa in exchange for shares, giving it a 98.6% holding in the company. Subject to market conditions and shareholder permission, the merged entity, which has assets worth Dh200 billion, said it still intends to conduct a public offering to diversify its share base.
%20and%20a%20net%20income%20of%20$145%20million.img%20class=%20wp-image-4520%20aligncenter%20src=https://ibekachikwu.com/wp-content/uploads/2021/09/4acbf322-f52f-4a60-ab56-e6020984003a-300x75.jpg%20alt=%20width=352%20height=88%20/In%20a%20release%20on%20Wednesday%201supst/sup%20September%202021,%20the%20company%20said:%20emThe%20review%20will%20assess%20strategic%20options%20for%20the%20oil%20and%20gas%20division%20and%20the%20optimal%20course%20for%20its%20future%20development%20while%20taking%20into%20consideration%20the%20evolution%20of%20the%20global%20energy%20industry%20as%20it%20transitions%20towards%20a%20cleaner%20and%20more%20sustainable%20future./ememAll%20options%20will%20be%20considered,%20including%20the%20sale%20of%20some%20or%20all%20the%20assets,%20or%20the%20retention%20and%20development%20of%20the%20assets%20within%20the%20Taqa%20Group./emTaqa%20said%20in%20April%20that%20it%20would%20invest%20Dh40%20billion%20in%20infrastructure%20development.%20By%202030,%20the%20corporation%20wants%20to%20add%20roughly%2027%20gigawatts%20of%20generating%20capacity%20and%20diversify%20its%20renewable%20energy%20portfolio.%20As%20part%20of%20the%20UAE's%20efforts%20to%20enhance%20sustainable%20energy%20capacity,%20the%20company%20is%20creating%20one%20of%20the%20world's%20largest%20solar%20projects%20at%20Al%20Dhafra%20with%20a%20total%20capacity%20of%202%20gigawatts%20alongside%20its%20partners.In%20July%202020,%20the%20company%20merged%20with%20Abu%20Dhabi%20Power%20Corporation.%20The%20arrangement,%20which%20amounted%20to%20a%20reverse%20takeover,%20saw%20ADPC%20transfer%20assets%20worth%20Dh120%20billion%20to%20Taqa%20in%20exchange%20for%20shares,%20giving%20it%20a%2098.6%%20holding%20in%20the%20company.%20Subject%20to%20market%20conditions%20and%20shareholder%20permission,%20the%20merged%20entity,%20which%20has%20assets%20worth%20Dh200%20billion,%20said%20it%20still%20intends%20to%20conduct%20a%20public%20offering%20to%20diversify%20its%20share%20base.){kind=link}