Monday, September 20, 2021

Abu Dhabi National Energy Company could sell oil and gas assets

DUBAI: Abu Dhabi National Energy Company (TAQA) said on Wednesday it could sell some or all of its oil and gas assets as part of a broader strategic review.

The review will take “into consideration the evolution of the global energy industry as it transitions towards a cleaner and more sustainable future”, TAQA said in a statement.

Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology amid rising pressure from investors and activists.

Energy assets

TAQA, owned by Abu Dhabi state-owned holding company ADQ, has a portfolio of energy assets in the UK’s North Sea, the Netherlands, Canada and Iraqi Kurdistan.

The company will assess all options, including the sale of some or all of its assets, or it may decide to retain and develop the assets within the larger group, it said.

TAQA’s portfolio includes onshore and offshore exploration, development and production of crude oil, natural gas and natural gas liquids. It is also involved in gas storage and oil and gas processing and transportation.

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