Abu Dhabi state energy firm Taqa toasted a 54% surge in profits for the first half of 2022 amid an oil and gas price windfall.
Just last month Taqa completed a review of its oil and gas business, deciding to keep it following reported plans to sell – including offloading its assets in the UK.
Taqa posted pre-tax profits of £1.1bn for H1 2022, up from £735m in the same period last year.
Revenues totalled £5.7bn, up 17% on the first half of 2021 at £4.9bn, as the group’s average realised oil price climbed to $90.83 per barrel in 2022 compared to $60.27 in 2021.
Taqa produced an average of 124,100 barrels of oil equivalent per day (boepd) during the half, unchanged on the same period last year.
Key milestones for the group include a $1.9bn deal struck in June, alongside ADNOC, to acquire Abu Dhabi’s clean energy firm Masdar.
Chairman H.E. Mohamed Hassan Alsuwaidi said: “TAQA Group has continued to deliver on its growth ambitions to be the low carbon power and water champion of Abu Dhabi and beyond, and this is reflected in its results for the first half of the year.
“Notably, we have made progress on our clean energy journey having entered into binding agreements for the acquisition of a stake in Masdar. The transaction between Mubadala, ADNOC and TAQA will create a global clean energy powerhouse that consolidates renewable energy and green hydrogen efforts under a unified brand and further accelerate TAQA’s growth trajectory.
“The partnership also sets out to transform the energy landscape both in Abu Dhabi and on a global scale, supporting the country’s own ‘Net-Zero by 2050 Strategic Initiative’ and cementing its role as a leader driving global energy transition efforts.”
