By: Amr Adel
Abu Dhabi – Mubasher: Abu Dhabi National Energy Co (TAQA) is planning to sell several oil wells in North America due to their high costs and the company’s continued losses, TAQA’s acting chief operating officer (COO) said.
Speaking on the sidelines of TAQA’s ordinary general meeting (OGM) held late Wednesday, Saeed Hamad Al Dhaheri revealed that the Abu Dhabi-based oil firm will continue to review its assets and options to improve his portfolio.
There are no plans to cancel any stocks listed on the Abu Dhabi Securities Exchange (ADX), the top official highlighted, noting that TAQA plans to invest further in the oil and gas sector in Alberta, Canada.
TAQA will invest around AED 1.8 billion ($490 million) in 2017, compared to AED 1.1 billion ($300 million) in 2016, the COO revealed.
Earlier this month, the Abu Dhabi oil producer announced cutting 1,000 jobs or around 25% of its workforce in 2016 following the rise in losses.
The company had previously reported the successful completion of its two-year strategic transformation process, saving up to AED 13.2 billion and reducing the number of its employees.
TAQA was able to reduce the cost of some of its power-generating plants in Abu Dhabi, a gas field in Canada, and another project in Iraq by AED 4.5 billion ($1.2 billion), Al Dhaheri added at the event.
On Wednesday, TAQA’s shareholders approved the decision to not distribute dividends for 2016.
The Abu Dhabi-listed oil company last reported suffering AED 18.23 billion (around $4.96 billion) in losses in 2016 on the back of lower basic commodity prices and a decline in the value of its oil and gas assets.
Translated by: Nada Adel Sobhi