Taqa completes acquisition of Pioneer Canada
Posted: 03 December 2007
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The Abu Dhabi National Energy Company (Taqa), a publicly listed company on the Abu Dhabi Securities Market, announced on Wednesday that its wholly-owned subsidiary Taqa North Ltd has closed its acquisition of Pioneer Natural Resources Canada Inc.
Taqa North agreed to purchase Calgary-based Pioneer from Pioneer International Resources Company on August 22 of this year for US$540 million, subject to adjustments. Pioneer is a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin . The acquisition provides Taqa North with an additional 59 million barrels of (gross) proven and probable oil and gas reserves, more than 10,000 barrels of oil equivalent per day in production, as well as expertise in coal bed methane exploration and production.
“The closing of this arrangement is an important milestone for TAQA as it continues its rapid international expansion,” said Taqa Chief Executive Officer Peter Barker-Homek. “The Pioneer assets are a great addition to TAQA North’s existing operations in Canada , and the acquisition provides additional scale and talent to help us capitalize on new and diverse development opportunities.” |
