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Scotland operations halt, Canada oil weigh on Taqa Q1 results
- United Arab Emirates: Wednesday, May 08 - 2013 at 15:45
The ADX General Index advanced 0.12% to reach 3,343.82 points Wednesday. Abu Dhabi National Energy Co., better known as Taqa and the UAE's first oil and gas firm, closed flat at Dhs1.28. in the first three months in 2013, Taqa saw an year-on-year decline of 80% in net profits, amounting to Dhs106m. Taqa said revenues were down 6%, "largely due to a shut-in of the Cormorant Alpha (Scotland oilfield) in Jan. 2013 during a major inspection, repair and maintenance programme." In addition, "stronger North American gas prices were offset by weaker North American oil and liquids prices." Taqa CEO Carl Sheldon said whilst the halting of production on the Cormorant Alpha platform was the right thing to do "to ensure the safety and integrity of this critical piece of North Sea infrastructure" new developments and discoveries in Taqa's North Sea business promise to extend the life of these assets.
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Gérard Al-Fil, Financial JournalistWednesday, May 08 - 2013 at 15:45 UAE local time (GMT+4)
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