TAQA sees profit near triple on oil sales

Abu Dhabi National Energy Co (TAQA) said on Wednesday its second-quarter net profit more than doubled helped by high oil prices and increased production in the UK. TAQA, which on Tuesday said its Dutch Bergermeer field will not be ready for use as planned in 2014, posted a net profit of AED435m ($118.5m) in the three months to June 30, compared with a net profit of AED171m in the same period last year. Revenue from oil and gas rose 54 percent to AED3.1bn in the second quarter from AED2.0bn a year earlier, TAQA said in a bourse statement. Total revenue for second quarter was AED7.1bn, up 38 percent. "During the quarter, steady production in our oil and gas business has enabled TAQA to capture the benefits of a higher commodity price environment," Stephen Kersley, TAQA's chief financial officer said in the statement. TAQA shares rose 7 percent in early trade on the Abu Dhabi stock exchange. The stock has fallen 20 percent year-to-date. Prices for Brent crude increased to an average of $116.99 a barrel during the second-quarter versus $79.41 per barrel for the same period last year, TAQA said. WTI oil price averaged $102.34 a barrel versus $78.05 a barrel in Q2 2010. The company, owned 75-percent by the Abu Dhabi government, also runs power plants in Morocco, Saudi Arabia, Ghana, India, the Caribbean and the US. TAQA's Dutch Bergermeer field, Europe's biggest gas storage project, will not be ready for use in 2014 as planned after a court ruled that work at the site must stop because of environmental fears, it said on Tuesday.The company's chief executive Abdulla Saif al Nuaimi stepped down during the quarter, while Stephen Kersley replaced Doug Fraser as the new chief financial officer in May. From / Arabian Business News