Taqa completes Pioneer acquisition
Abu Dhabi, November 28, 2007
Taqa North, the wholly owned subsidiary of the Abu Dhabi National Energy Company (Taqa), has completed the acquisition of Pioneer Natural Resources Canada (Pioneer), a company statement said.
Taqa North had agreed to purchase the Calgary-based Pioneer from Pioneer International Resources Company in August this year for $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 capitalise on new and diverse development opportunities,” he added. - TradeArabia News Service