An Abu Dhabi, United Arab Emirates energy investment company has started operating a Canadian-based oil and gas firm after completing a two-billion-dollar acquisition.
“Beginning today, Abu Dhabi National Energy Company (TAQA) will own and operate TAQA North Ltd, following the completion of the acquisition of Northrock Resources Ltd, a subsidiary of the US firm Pogo Producing Company, for two billion US dollars,†a statement said.
“The new entity, TAQA North, is set to provide TAQA with an additional 142 million barrels of proven oil and gas reserves, over 37,000 boe/d (gross) and a best-in-class exploration and production team.â€
The Calgary-based oil and gas exploration production company will have “access to significant development and exploration opportunities in Saskatchewan and Alberta, with key exploration plays in Canada’s Northwest Territories, British Columbia and the Alberta Foothills,†it added.
Founded in 2005, TAQA is majority-owned by the government of Abu Dhabi.
Much of the foreign investment in the Canadian oil industry has been aimed at exploiting the oil sands, which contain reserves second only to Saudi Arabia. Companies like Royal Dutch Shell Plc. and Statoil ASA have spent billions this year bolstering their access to the 174-billion barrel resource.
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