By John Lee.
Taqa (Arabic for “energy”) has released it’s full results for 2013, announcing that the company has secured regulatory approval for the development plan of the Atrush field in Iraq.
The first oil production at Atrush is expected in 2015 (see Iraq section below.) For the full report on Taqa’s 2013 results, including their non-Iraq operations, see here.
|AED (Million)||2012||2013||% +/-|
|Total revenue per accounts||27,785||25,757||▼7%|
|Backup fuel revenue*||3,645||3,209|
|Power & Water||8,536||8,961||▲5%|
|Oil & Gas||12,015||12,188||▲1%|
|Cost of sales excluding impairment||(19,384)||(17,923)||▼8%|
|Total cost of sales||(19,837)||(21,170)||▲7%|
|Profit Before Tax||3,544||(1,107)|
|Net profit After Minority Interests||649||(2,519)|
|Basic earnings per share (AED)||0.11||(0.42)|
|Net Debt/EBITDA (times)||5.7||5.6|
|Net debt to capital (%)||78||82|
* Construction and backup fuel revenues, have compensating expenses in cost of sales
All amounts in AED million unless otherwise stated
In August, TAQA and its partners announced that they had drilled an additional test well at Atrush and were conducting an analysis of core samples, including appraisal of oil/water contact definition, oil gravity/viscosity variations, extent of quality reservoir, permeability and porosity data.
In October, TAQA received approval from the Kurdistan Regional Government for the first phase in the development of the Atrush Block in the Kurdistan region of Iraq. The block, which is located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 boed, with first oil by early 2015. The approval covers a 25 year period to maximise recovery of the oil resources. In total, TAQA is expecting to invest more than USD 300 million in the initial phase which will consist of three production wells and a central processing facility.