Difficult period under weak oil prices
A 43% drop in TAQA’s oil and gas business forced the group’s Q1 2016 revenue down by 24%, dropping to AED3.9bn. Record power production reached 17,022 gigawatt hours, an increase of 7% on the previous year’s quarter. The company desalinated a total of 56,584 million imperial gallons of water during Q1 2016, a 5% decrease compared to Q1 2015. Despite significant cuts in capital expenditure, TAQA maintained robust production levels of 153.7 thousand barrels of oil equivalent per day, 3% lower compared to Q1 2015.
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