Abu Dhabi National Energy Company (TAQA) reported Wednesday that its hydrocarbon production in the UK North Sea increased by 118 percent to 62,900 barrels of oil equivalent per day during the first three months of 2014 over 1Q 2013.
TAQA accredited the production increase to the restoration of production at the Cormorant Alpha platform as well as the integration of new assets in the central North Sea and a successful drilling program at North Comorant.
In North America, the firm said that its oil and gas production was stable despite a lower capital spending environment.
TAQA reported a 34 percent increase in its revenue for 1Q 2014 to $1.96 billion, while its profit before tax more than doubled to $244 million (1Q 2013: $120 million).
TAQA CFO Stephen Kersley commented in a company statement:
"Our first quarter result was helped by the restoration of North Sea oil production at Cormorant Alpha and higher natural gas prices in North America, but we also demonstrated our ability to increase capital efficiency and control costs. We are well positioned with ample liquidity, and look forward to driving continued improvement in earnings and coverage ratios."
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