Abu Dhabi: Abu Dhabi National Energy Company (Taqa) said on Wednesday that it is not engaged in discussions with any entity to sell its oil and gas assets. The company did not give any further details in a statement on Abu Dhabi Stock Exchange.
Reuters reported on Sunday that Taqa was considering whether to sell its overseas oil and gas assets to another Abu Dhabi state-owned entity.
Taqa operates in 11 countries with assets in power generation, water desalination, oil and gas exploration and production, pipelines and gas storage.
It is active in Canada, Ghana, India, Iraq, Morocco, Oman, Saudi Arabia, the UAE, Netherlands, United Kingdom and United States.
Kurdistan project
The Abu Dhabi government-owned company narrowed its loss to Dh1.8 billion in 2015 from Dh3 billion a year earlier. And revenue dropped to Dh19.3 billion in the year compared to Dh27.3 billion revenue it reaped in the previous year.
One of its oil and gas projects in Kurdistan region of Iraq will be commissioned in the second quarter of this year, the company’s Chief Operating Officer, Edward LaFehr, announced last week. Once launched, the project will produce 30,000 barrels of oil per day with further development.
