Fossil Energy – TAQA
Abu Dhabi National Energy (TAQA) said it will retain the vast majority of its oil and natural gas assets except for its Dutch upstream assets.
TAQA revealed early July that it has completed the strategic review citing the strong contribution of those businesses to earnings.
The company spent more than a year mulling whether to sell the assets and its decision not to comes after a surge in oil and gas prices following Russia’s attack on Ukraine. Brent crude is up 45% in 2022 to around $113 a barrel, leading to a windfall for owners of oil-producing assets.
Oil and gas contributed 15% to revenue and earnings in 2021, TAQA said, adding that the trend had continued into this year. The state-owned utility will continue to seek a buyer for its upstream assets in the Netherlands, given their relatively small contribution to the business.