Abu Dhabi's Taqa to sell wells in N America following record loss
The company plans to invest more in the hydrocarbon business in Canada's Alberta province
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Dubai
ABU Dhabi National Energy Co, the government-run company known as Taqa, is generating cash from overseas oil and natural gas operations, and wants to sell some higher-cost wells in North America after reporting a record US$5.2 billion loss last year.
After a two-year programme to cut expenses, Taqa's oil and gas businesses in North America and Europe are "cash-flow positive", said acting chief operating officer Saeed Hamad Al Dhaheri, adding that Taqa plans to invest more in the hydrocarbon business in Canada's Alberta province.
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