Abu Dhabi National Energy Co. (TAQA), of which 75% is owned by Abu Dhabi’s government, has announced that it plans to increase its 2012 Capex to somewhere in the range of US$ 2 – 2.2 billion as it continues with a programme of expansion.
The 2012 figure is a solid increase on the company’s 2011 Capex of US$ 1.9 billion.
According to the company’s CEO, Carl Sheldon, TAQA’s expansion plans involve pushing ahead with drilling operations in Western Canada and the North Sea as well as expansion programmes in Morocco, Ghana and the Netherlands.
The company is reported to have made a Q4 loss of US$ 101 million, which Sheldon attributes to impairment charges placed on Canadian gas assets.
Shares in the company recently rose by 3.2%, bringing their total increase for the year so far up to 5%
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