Taqa confirmed its earnings and production were significantly up while its debt had been decreased by more than 3billion dirhams in its latest financial report.
In its third quarter earnings, Abu Dhabi’s National Energy Company revealed its net income for the year to date is 620million dirhams – a significant increase on last year’s 80million dirhams.
Taqa’s oil and gas production averaged a new record level of 158.5 thousand barrels of oil equivalent per day during the nine month period, up 17% compared to the first nine months of 2013.
Following the expansion of the Jorf Lasfar power station in Morocco, the firm also increased its power generation capacity by 700 megawatt (MW) to 17,095 MW.
Its operations in the Central North Sea played a critical role in generating the firm’s gains.
Taqa managed another record breaking output of 61.0 mboed in the North Sea. Taqa credited the return to production of its Cormorant Alpha for lifting production levels and decreasing unit operating costs.
Edward LaFehr, chief operating officer, said: “This financial result is due to excellent operational performance across our global asset base, combined with strong oil and gas pricing. We have also focused capital investment and reduced general and administrative costs, while maintaining our focus on safety.
“These efforts are even more important now in today’s challenging commodity price environment.”
Taqa used excess cash flow and revenue generated from selling off its non-core assets to cut its debt by more than 3billion dirhams.
The firm also confirmed it was on track to launch full commercial operations at its Gas Storage Bergermeer facility in the Netherlands in April next year, while first oil from its Artrush Block in Iraq is expected in the tail-end of next year.