- 11 Nov 2009
TAQA Third Quarter and Nine Month 2009 Financial Results
Significant operational progress made in the UK and Dutch sectors of the North Sea and on the Bergermeer Gas Storage Project
Nine month 2009 downstream revenues increased 13% over the same period in 2008
Upstream revenues impacted by lower year-on-year oil and gas pricesAbu Dhabi, UAE – Abu Dhabi National Energy Company PJSC (“TAQA”), a publicly listed company on the Abu Dhabi Securities Exchange (ADX: TAQA), today reported financial results for the third quarter and the first nine months of 2009.Key highlights for the first nine months of 2009:Key highlights for the third quarter of 2009:CommentCarl Sheldon, General Manager of TAQA, said:“The value of our diversified business model has been amply demonstrated through the stable cash flows generated by our downstream assets, which have offset the greater volatility of our upstream business.
During the quarter and throughout the year, TAQA has made significant progress in maximising its existing assets. Not only did we take over the operatorship of the North Sea Brent pipeline system and facilities in August, but were also appointed operator of the L11BA platform in the Dutch North Sea, which we took over from Chevron. In the past month, we passed another milestone, having brought our first new well on-stream in the UK North Sea, effectively boosting European production by 10,000 barrels of oil equivalent a day.
In October, we were pleased to announce, on behalf of the Bergermeer Gas Storage Consortium, a positive final investment decision for what will be Europe’s largest gas storage facility with third party access. This will position TAQA at the heart of Europe’s future energy system.
I firmly believe that our global energy assets present our investors with significant potential value and our focus now is on fulfilling this through the optimisation of our existing portfolio into 2010 and beyond.”Market overviewYear-on-year comparisons are affected by a significant difference in commodities pricing, especially when compared to Q3 2008 during which oil prices reached a peak of over US$140, before falling below US$35 in Q1 2009. However, prices have slowly recovered throughout 2009. WTI spot prices averaged US$43.18 for Q1, US$59.69 for Q2 and US$68.14 for Q3. Brent followed a similar trajectory at US$45.04 for Q1, US$59.28 for Q2 and US$68.25 for Q3.
Nymex Henry Hub prices averaged US$3.44 per mmbtu for Q3 versus US$3.81 for Q2. This can be contrasted to Q3 2008 when the average price was US$8.95.Downstream Upstream and midstream FinanceCorporate activity during the periodPost period developments- ENDS -Contact Information for Media:
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqa.comAbout TAQAEstablished in 2005, TAQA is a diversified international energy group headquartered in Abu Dhabi, the capital of the United Arab Emirates, and listed on the Abu Dhabi Securities Exchange (ADX: TAQA).TAQA’s business is made up of three operating divisions spread across the entire energy value chain: power generation & water desalination; oil and gas exploration & production; and emerging & alternative energy technologies.Power & Water: TAQA is one the largest independent power producers in the world and the majority owner of the facilities that provide 98% of the water and electricity requirements in Abu Dhabi. TAQA’s power plants are located in the UAE, Morocco, Oman, Saudi Arabia, Ghana, India, and USA.Oil & Gas: with operations in Canada, UK, the Netherlands, USA and Iraq, TAQA’s oil and gas business includes exploration and production, underground gas storage and pipeline transportation.Emerging & alternative energy technologies: TAQA Energy Solutions is dedicated to alternative and technology-driven energy initiatives for long-term efficient energy production and generation. TAQA’s vision is to deliver ‘Energy for Growth’: growth within the business; social and economic progress in the communities where TAQA operates; and increased value for our shareholders.Over the past 40 years the UAE and Abu Dhabi have pursued a vision embodied by progressive development, investment and the highest global standards. TAQA is proud to align its strategy both domestically and globally to Abu Dhabi’s economic vision 2030, working towards sustainable economic development. For more information about TAQA visit: www.taqa.com or Twitter: @TAQAGLOBAL