The Abu Dhabi National Energy Company (TAQA) announced that its profits in 2018 reached around $108 million, which is more than double of the profits achieved a year earlier, Pipeline Oil and Gas Magazine reported.
The increase in revenues was mainly driven by the increase in oil and gas prices in 2018.
“Despite challenging business and economic conditions, TAQA’s financial and operational performance remained impressive throughout the year,” Saeed Al-Hajeri, TAQA’s CEO said.
The average production in 2018 reached 123,100 barrels of oil equivalent per day (boe/d), which is a 2.4% decline of the average production of 2017. This is a direct result of the company’s mitigation of natural base decline of existing assets and investment in new development projects.