Abu Dhabi: The Abu Dhabi National Energy Company (Taqa), generated net income of Dh620 million and reduced its debt by over Dh3 billion during the first nine months of 2014.

The company’s oil and gas production averaged a new record level of 158.5 thousand barrels of oil equivalent per day during the nine month period, up 17% compared to the first nine months of 2013, the company said in a press statement.

Its increased its power generation capacity by 700 megawatts (Mw) to 17,095MW following the expansion of the Jorf Lasfar power station in Morocco.

Greater focus on managing costs and achieving greater business efficiencies resulted in a 9% reduction in general and administrative costs and reduced unit operating costs in UK and North American businesses.

The company said higher production levels and increased operational efficiencies supported by higher oil and gas prices raised underlying revenues by 14% to Dh16,886 million, and resulted in a record EBITDA of Dh11,446 million up 21% against the same period in 2013.

Taqa’s net income after minority interests was Dh620 million up from Dh80 million in the first nine months of 2013.

The company reduced its debt by over Dh3 billion by using excess cash flow and selling non-core assets.

Edward LaFehr, Chief Operating Officer, said: “This financial result is due to excellent operational performance across our global asset base, combined with strong oil and gas pricing. We have also focused capital investment and reduced general and administrative costs, while maintaining our focus on safety. These efforts are even more important now in today’s challenging commodity price environment.”

In oil and gas sector, the company said the Central North Sea assets lifted Taqa’s North Sea volumes to a record level of 61.0 mboed. The return to production of Cormorant Alpha lifted production levels and decreased unit operating costs. The company said it is on a major project execution. It plans to launch full commercial operations at its Gas Storage Bergermeer facility in the Netherlands in April 2015. First oil from its Atrush Block in Iraq is on schedule for late 2015.

The capital expenditure for full year 2014 is now expected to be Dh6.8 billion, a Dh2 billion reduction compared to the full year 2013. This is also lower than forecast at the beginning of the year, due to a more focused capital investment strategy and timing of project milestones. The Q4 capital programme is being reviewed given the evolving commodity price environment, the company said.

The company announced that it reduced its debt by over Dh3 billion using excess cash flow and proceeds from the disposal of non-core assets. It raised Dh534 million from the disposal of non-core assets including undeveloped land in Alberta, Canada and its interest in Carlyle Infrastructure Partners L.P.

As at the 30 September 2014, TAQA had available liquidity of Dh15 billion including Dh3 billion of cash in hand.