Abu Dhabi National Energy Company (TAQA) reported an annual capital expenditure (capex) increase in the oil & gas business and transmission & distribution segments in the first quarter of 2023.
The oil & gas capital expenditure rose 58 percent year-on-year to 401 million UAE dirhams ($109.20 million), primarily driven by drilling, completion and tie-in costs on the company’s North American assets, the company said in its Q1 2023 financial statement.
The capex in the transmission & distribution segment increased 17 percent year-on-year to AED 657 million ($178.92 million), mainly driven by the timing and phasing of project execution throughout the sector.
Overall, the group’s total capital expenditure reached AED 1.093 billion, a 26 percent increase year-on-year.