Abu Dhabi – Mubasher: Abu Dhabi National Energy Company (TAQA) is reportedly weighing a potential sale of its oil and gas assets to focus on power generation, sources told Bloomberg.
The sources referred that Taqa is reviewing its oil and gas activity, which spans across several countries including the UK and Canada, with potential advisers.
The sale of Taqa’s oil and gas assets could be valued at an amount substantially less than what the company dedicated to establishing this portfolio.
The sources confirmed that the company has not reached the final decision regarding its oil and gas portfolio and may not proceed with the sale.
The company has formed its oil and gas portfolio through a number of acquisitions, including the purchase of Calgary-based Northrock Resources for $2 billion in 2007 and BP Plc’s North Sea assets for $1.1 billion in 2012.
In the UK, the state-owned company also manages the Brent System pipeline, which holds around 5% of the country’s oil.
It is noteworthy to mention that in 2020, TAQA recorded a decline in net profits attributable to the equity holders of the parent to AED 2.788 billion from AED 5.435 billion in 2019.
