JEDDAH, 24 August 2007 — In a substantial $540 million deal, the Abu Dhabi National Energy Company PJSC (ADSM: TAQA) has purchased the Canadian oil and petroleum company Pioneer Canada. Calgary-based Pioneer Canada Ltd., a subsidiary of the US firm Pioneer Natural Resources Company, is a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin.
When finalized, the Pioneer deal will provide TAQA with an additional 59 million barrels of gross WI P+P oil and gas reserves, more than 10,000 barrels of energy per day (boe/d), and add newly acquired expertise in coal-bed methane exploration and production to TAQA’s exploration and production team.
The Pioneer transaction is expected to close during the fourth quarter of 2007 and is subject to regulatory approval and other customary closing conditions.
“The Pioneer business is a great addition to TAQA’s existing operations in Canada. The acquisition provides further scale and efficiencies to our existing businesses by adding 27 percent to daily production, increasing 2P reserves by 35 percent and providing a reserve life index in excess of 17 years,” said Peter Barker-Homek, CEO of TAQA.
TAQA said on Aug. 16 that it 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 $2 billion.
The new entity, TAQA North, is set to provide TAQA with an additional 142 million barrels of proven oil and gas reserves, more than 37,000 boe/d (gross), and a best-in-class exploration and production team.
Abu Dhabi National Energy Company (TAQA) www.taqa.ae is a global energy company with operations in power generation, desalination, renewables, upstream oil/gas, pipelines, gas storage and LNG regas. Founded in Abu Dhabi in 2005, it has in excess of AED56 billion in assets, turnover of over AED3.3 billion.
TAQA carries Aa2 and AA- credit ratings and was recently presented Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.
Abu Dhabi National Energy Company (TAQA) www.taqa.ae is a global energy company with operations in power generation, desalination, renewables, upstream oil/gas, pipelines, gas storage and LNG regas.
TAQA operates from its offices in Abu Dhabi, UAE; Ann Arbor, Michigan, US, and The Hague with alliance partners across the Gulf, Middle East, North Africa, Europe, Australia, Canada, and the US.