Taqa Quarterly Net Falls as North Sea Oilfield Halt Hurts Sales
Abu Dhabi National Energy Co. (TAQA), the state-owned utility and oil producer, said first-quarter profit fell to about a fifth of last year’s level as a production halt in the North Sea hurt revenue and asset sales weren’t repeated.
Net income declined to 106 million dirhams ($28.9 million) from 534 million dirhams in the year-earlier period, the company known as Taqa said in an e-mailed statement today. Taqa’s net income for the first quarter of 2012 included a one-time 378 million-dirham gain from the disposal of Canadian assets. Sales slipped 5.6 percent to 5.42 billion dirhams.
Taqa, owned 75 percent by the Abu Dhabi government, holds stakes in businesses generating power or producing oil and natural gas in the Middle East, the North Sea, India and North America. The company expanded last year by taking over the operation of an oil field in northern Iraq and buying productive crude deposits off the U.K. coast from BP Plc.
Oil and gas sales decreased after Taqa shut a platform at the North Sea Cormorant Alpha oil field, which produces 10,000 barrels a day of crude, because of a leak detected in March. No oil spilled into the sea, and the company is continuing maintenance work on the platform. The Brent pipeline system, which Taqa also operates, resumed oil flow after closures in January and March.
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