123.1 million barrels of oil equivalent per day produced by TAQA in 2018

21-03-2019 Media in\ Abu Dhabi
Abu Dhabi Energy Company (TAQA) has reviewed the achievements of last year in the fields of electricity, water, oil and gas, both inside and outside the country, as part of its annual operating report issued yesterday.
In the field of oil and gas, the production rate of the company was 123.1 million barrels of oil equivalent per day during the year 2018 .. Of which 78.024 barrels produced from its operations in North America .. At the level of hydrocarbon production in Europe has reached 41221 barrels .. Also increased production of Atroush field in the Kurdistan region of Iraq to 3855 barrels at the end of last year.
In the field of electricity and water, the company announced that the volume of desalinated water in the UAE reached 242.566 million gallons in 2018, while the volume of electricity generation from its operations in the country was also 63.637 GWh in the same year.
Globally, the company generated 89.922 gigawatt hours of power generation compared to 89.846 gigawatts in 2017.
The company has holdings in oil and gas assets mainly in Canada, the United Kingdom, the Netherlands and Iraq and has power and water purchase agreements locally in the UAE.
The company’s financial statements showed a net profit of AED 398 million in 2018 compared to AED 160 million in 2017. The company also recorded a growth in revenues over the last year by 6% to AED 17.7 billion and profit before interest and taxes And depreciation and amortization by 6% to AED 9.7 billion due to higher oil and liquid prices.
The company’s free cash flow maintained its strong performance of AED 7.1 billion despite an increase in capital expenditure of AED 1.7 billion last year.
Capital expenditures were fully financed by cash flow from the company’s operations, according to the annual report, which focused on asset development in the electricity, water, oil and gas sectors.
The company’s revenues from oil and gas amounted to AED 5.55 billion last year, with electricity and water reaching AED 9.4 billion and AED 2 billion in fuel, with the rest coming from gas storage and other operations.