TAQA Sees Strong North Sea Production Growth

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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Director Engineering Studies
Expertise: Field Development|Floating Systems|Installation Engineer
Location: Houston, 
 
Senior Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Principal Consultant
Expertise: Business Development
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours