Abu Dhabi National Energy Co., also known as Taqa, on Wednesday posted its first quarterly increase in oil and gas revenues in almost two years, reflecting the recovery in oil prices from April-June, but this was not enough to save the company from another net loss. Second quarter oil and gas revenue rose 2.7% to 1.04 billion dirhams ($283 million) from January-March, ending a run of six straight quarterly declines, as the average Brent price climbed by some 35.3% to $46 per barrel. The benchmark slumped again in July on renewed oversupply fears, however, and was still trading below $45/bbl on Wednesday.
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