Taqa sees output slip as spending cuts start to bite

摘要

Abu Dhabi National Energy Co., or Taqa, said Thursday its Q1 oil and gas output fell 14 on the year to 132,000 b/d of oil equivalent, as a 70 cut in capital spending on its upstream operations since 2014 begins to hit its production volumes. The Abu Dhabi government-controlled company produces oil and gas mainly from western Canada and the UK and Dutch sectors of the North Sea. It has also made a light oil discovery in Iraqi Kurdistan, which it is currently developing.