Taqa buys another Canadian firm
Posted: 27 August 2007
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The Abu Dhabi National Energy Company (Taqa) has purchased Pioneer Canada for $540 million. It is the second Canadian-based producer to be purchased and its fifth overseas acquisition since November.
Based in Calgary , Pioneer Canada Ltd is an oil and gas exploration company with operations in the Western Canadian Sedimentary Basin . It is a subsidiary of the US firm Pioneer Natural Resources Company.
The Pioneer deal will provide Taqa with an additional 59 million barrels of (gross) WI P+P oil and gas reserves and more than 10,000 barrels of energy per day (boe/d) when finalised.
It will add to Taqa’s best-in-class exploration and production team with newly acquired expertise in coalbed methane exploration and production.
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 per cent to daily production, increasing 2P reserves by 35 per cent, and providing a reserve life index (RLI) in excess of 17 years,” said Peter Barker-Homek, CEO of Taqa.
On August 16, Taqa announced 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, it said. |
