Abu Dhabi’s TAQA will retain oil and gas portfolio, boost renewables

Abu Dhabi’s TAQA will retain oil and gas portfolio, boost renewables

Abu Dhabi National Energy Company (TAQA) will retain its oil and gas portfolio but ramp up its renewables as it transitions towards a cleaner and more sustainable future.

Following a strategic review where it explored the potential sale of certain of its assets, TAQA decided its oil and gas portfolio will be retained, except for the upstream assets in the Netherlands, where discussions on an exit are ongoing.

"We have concluded that retaining the vast majority of the portfolio will deliver the best value for the company and its stakeholders," Jasim Husain Thabet, group CEO and MD of TAQA said in bourse filing on the Abu Dhabi Securities Exchange.

He said the oil and gas business contributed over 15 percent to revenue and earnings in 2021 and the trend has continued into this year.

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

By 2030 the company power generation portfolio will be at least 30 percent renewables, up from the current 5 percent, said TAQA. As part of its strategy, it will expand its UAE generation capacity from 18GW to 30GW in addition to adding 15GW internationally.

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