ABU Dhabi National Energy Company (TAQA), said yesterday it had recorded total revenues of £2.04billion for the first nine months of 2009 compared to revenues of £2.14billion a year earlier.
The company, which has growing interests in the UK North Sea and an operations base at Westhill, near Aberdeen, said net profits for the period were £43million, down from £260million the year before. It added that year-on-year comparisons were affected by significant differences in commodities pricing.
Carl Sheldon, TAQA’s general manager, said: “The value of our diversified business model has been amply demonstrated through the stable cash flows generated by our downstream assets, which have offset the greater volatility of our upstream business.
“Throughout the year, TAQA has made significant progress in maximising its existing assets. Not only did we take over the operatorship of the North Sea Brent pipeline system and facilities in August, but were also appointed operator of the L11BA platform in the Dutch North Sea, which we took over from Chevron.”