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Abu Dhabi's TAQA posts Q3 loss

For the nine-month period this year, TAQA's losses totaled 581 million dirhams compared with a profit of 620 million dirhams for the same period in 2014.

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 Abu Dhabi National Energy Company (TAQA) posted a net loss in the third-quarter as revenues were hit by weak oil prices, the state-owned oil explorer and power supplier has said.
TAQA , 75 percent owned by the government of Abu Dhabi, reported a net loss of 416 million dirhams ($113.3 million) for the quarter ending Sept. 30, compared with a net profit of 107 million dirhams in the prior-year period, the company said.
Revenue from oil and gas more than halved to 1.5 billion dirhams in the third quarter from a year earlier. This dragged the firm's total revenue in the quarter to 4.8 billion dirhams from 7.0 billion dirhams in the same quarter last year, reported Reuters.
For the nine-month period this year, TAQA's losses totaled 581 million dirhams compared with a profit of 620 million dirhams for the same period in 2014.
"During the first three quarters, we have continued to position TAQA to withstand the current low commodity price environment," Chief Operating Officer Edward LaFehr said in a statement.
Cost-cutting measures led to savings of 1.1 billion dirhams in the first three quarters of 2015 with capex reduced by 43 percent, he added.
TAQA is ahead of its targeted annual savings of 550 million dirhams in 2015, and 1.5 billion dirhams by the end of 2016. It has also reduced its global oil and gas headcount by 25 percent since July 2014 and Abu Dhabi headquarters headcount by 39 percent, the statement said.
TAQA refinanced a $3.1 billion revolving credit facility at better terms in August.
Separately, TAQA said it was aiming to develop local oil and gas projects, leveraging its overseas expertise and signalling a shift in its strategy.
It signed an agreement with Abu Dhabi National Oil Company (Adnoc) to develop oil and gas projects in Abu Dhabi.
"Through our Canadian business in particular, we have a wealth of experience in horizontal drilling and multi-stage fracturing technology and reservoir development planning that would be of immediate benefit to Adnoc," LaFehr said.

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