TAQA Q1 results show loss

ABU DHABI, May 11, 2016 – Abu Dhabi National Energy Company, or TAQA, revealed a loss of USD 166 million in Q1 due to lower oil prices in its quarterly results posted on Wednesday. During the same period last year, TAQA had posted a USD 69-million profit.

TAQA produced 153,700 boepd from its assets in Canada over the first three months of 2016. In the second half of the year, oil production in the Kurdistan Region of Iraq is expected to commence. The company’s Atrush project has a phase one production capacity of 30,000 bopd.

Upon announcing the results, TAQA said it expects capital expenditure over 2016 to fall below USD 490 million, marking a 42% drop year-on-year. “We continue to execute our strategy to meet the challenges of the low commodity price environment,” chief operating officer Edward LaFehr said.

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