Taqa Q2 profits soar

Carl-Sheldon

Abu Dhabi National Energy Company PJSC (Taqa), posted strong second quarter 2011 results of US$118.42mn on the back of higher oil prices.

Net profit increased 154 per cent year-on-year, totalling US$118.42mn in Q2 2011, versus US$46.9mm for Q2 2010, a company statement said.

Carl Sheldon, General Manager of Taqa, said, "Taqa's performance during the second quarter of this year has been strong - both operationally and financially. Our asset base is already growing as a result of the success in our North American and UK North Sea drilling programmes and all other growth projects have made pleasing progress this quarter,."

Stephen Kersley, Chief Financial Officer of Taqa, said, "During the quarter, steady production in our Oil & Gas business has enabled Taqa to capture the benefits of a higher commodity price environment, while carefully controlling operational expenditure."

Total Oil & Gas revenues increased from US$550mn to US$850mn for Q2 2011. Marking a 54 per cent increase versus the same period last year thanks to an increase in crude oil prices, plus higher production in the UK North Sea.

Total average global daily production for Q2 2011 increased 7 per cent to 135.9 mboe/day, compared with 127.5 mboe/day in Q2 2010.

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