Abu Dhabi National Energy Company, better known as Taqa, will sell its upstream oil and gas assets in the Netherlands to Waldorf Energy.
The financial terms of the deal were not disclosed in Taqa’s statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.
In 2021, Taqa announced the strategic review to assess all options for its oil and gas division and “the optimal course for its future development, while taking into consideration the evolution of the global energy industry as it transitions towards a cleaner and more sustainable future”.
The deal, subject to regulatory and third-party approvals, comes as Brent crude, the benchmark for two thirds of the world’s oil, hovers close to $94 due to a larger-than-expected Opec+ production cut on Wednesday.
The company said in July that it would retain a vast majority of its oil and gas assets after the review, as it benefitted from a surge in energy prices.
Last month, Taqa secured the refinancing of its $3.5 billion revolving credit facility with a syndicate comprising 20 banks.
Taqa is active in power and water generation, and has oil and gas operations.
It has assets in a number of countries, including the UAE as well as Canada, Ghana, India, Iraq, Morocco, the UK and the US.
In April, Taqa announced its 2030 strategy that involves investing $10.9bn in infrastructure development as it seeks to add about 27 gigawatts of power capacity and expand its renewables portfolio.
The company plans to expand its power-generation capacity in the UAE from 18 gigawatts to 30 gigawatts and boost its global generating capacity by 15 gigawatts.