Abu Dhabi National Energy Company (Taqa) posted a net loss in the third-quarter as revenues were hit by weak oil prices, reported Trade Arabia.

“During the first three quarters, we have continued to position Taqa to withstand the current low commodity price environment,” Chief operating officer Edward LaFehr said in a statement quoted by The National.

Cost-cutting measures led to savings in the first three quarters of 2015 with capex reduced by 43%, he added.

He also insisted that Taqa was utilising its overseas expertise to develop local oil and gas projects

“Through our Canadian business in particular, we have a wealth of experience in horizontal drilling and multi-stage fracturing technology and reservoir development planning that would be of immediate benefit to Addnoc,” Mr LaFehr said.

It also signed an agreement with Abu Dhabi National Oil Company (Adnoc) to develop oil and gas projects in Abu Dhabi.