Abu Dhabi National Energy Company (TAQA) will retain its oil and gas portfolio but ramp up its renewables as it transitions towards a cleaner and more sustainable future.

Following a strategic review where it explored the potential sale of certain of its assets, TAQA decided its oil and gas portfolio will be retained, except for the upstream assets in the Netherlands, where discussions on an exit are ongoing.

"We have concluded that retaining the vast majority of the portfolio will deliver the best value for the company and its stakeholders," Jasim Husain Thabet, group CEO and MD of TAQA said in bourse filing on the Abu Dhabi Securities Exchange.

He said the oil and gas business contributed over 15 percent to revenue and earnings in 2021 and the trend has continued into this year.

TAQA, owned by Abu Dhabi state-owned holding company ADQ, has a portfolio of energy assets in the United Kingdom's North Sea, the Netherlands, Canada and Iraqi Kurdistan.

By 2030 the company power generation portfolio will be at least 30 percent renewables, up from the current 5 percent, said TAQA. As part of its strategy, it will expand its UAE generation capacity from 18GW to 30GW in addition to adding 15GW internationally.

In addition, by 2030 the company expects to deliver around 1.1 billion imperial gallons per day of desalinated water in Abu Dhabi with two thirds coming from energy efficient reverse osmosis.

The company, which already owns and operates one of the largest single site solar PV plants in the world, is constructing another, which will be almost twice the size, it said.

TAQA recently signed contracts to take a controlling stake in Masdar’s renewable business along with Mubadala and ADNOC, an investment which ensures that the company exceeds its 2030 targets for renewables.

TAQA's portfolio includes onshore and offshore exploration, development and production of crude oil, natural gas and natural gas liquids.

(Reporting by Brinda Darasha; editing by Seban Scaria)