- The capex of UAE’s Energy Company, TAQA, rose to 3.34 billion UAE dirhams.
- Oil and gas capex jumped to AED192 million, driven by increased drilling, completion and tie-in costs in its North American assets.
Abu Dhabi National Energy Company (TAQA) said on Monday that its capital expenditure (capex) increased 34 per cent year-on-year to 3.34 billion UAE dirhams ($909.36 million) in the third quarter of 2023.
In its third quarter financial result statement, UAE’s Energy Company stated that Transmission and Distribution (T&D) expenditure rose to AED699 million. An increase in the number of development projects and projects in execution led to a rise in transmission and distribution expenditure.
The generation segment’s capital expenses fell to AED39 million on lower major plant maintenance in line with a scheduled maintenance programme. Oil and gas capex jumped to AED192 million, driven by increased drilling, completion and tie-in costs in its North American assets.