Taqa to press ahead with North Sea exploration despite $1billion write down

Abu Dhabi’s North Sea operations booked a $1.1billion (£915.5million) impairment on its assets, driving its results deep into the red for 2015.

Taqa Bratani, the UK division of the Abu Dhabi National Energy Company, known as Taqa, said it continued to develop and exploit its oil and gas interests in the UK “against a backdrop of a rapid and significant decline in oil and gas prices”.

Its revenues fell almost by half to $1.16billion (£947million) in the year to the end of 2015, according to accounts filed at Companies House.

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