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Thu 9 May 2013 09:58 AM

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Abu Dhabi's TAQA hires top execs for UK, Iraq

Abu Dhabi National Energy Co announces key appointments as it looks to expand operations

Abu Dhabi's TAQA hires top execs for UK, Iraq
The Cormorant Alpha platform in the North Sea.

Abu Dhabi National Energy Co (TAQA) on Thursday said it had made two top appointments for its British and Iraq businesses as it expands in those countries.

Pete Jones has been appointed managing director for TAQA's British oil and gas business, responsible for the firm's operations in the British North Sea.

Jones succeeds Leo Koot, who has been appointed managing director of TAQA in Iraq.

TAQA has oil and gas operations in North America, Britain, the Netherlands and the Kurdistan region of Iraq; it produced an average of 135,000 barrels of oil equivalent per day in 2012.

On Wednesday, TAQA said first-quarter net profit tumbled 80 percent partly because of an outage at one of its facilities.

TAQA, 75 percent owned by the government of Abu Dhabi, reported a net profit of AED106m ($28.9m) for the first quarter compared with AED534m in the year-ago period.

Revenues were AED5.4bn in the quarter, 6 percent lower year-on-year.

Profits fell because of a shut-in of the Cormorant Alpha platform in the North Sea, weaker North American oil and liquids prices, and the fact that a special gain was made in the first quarter of 2012, a statement from TAQA said.