Taqa to sell Canadian oilfield in strategic shift

Taqa, the Abu-Dhabi energy company, is to sell a slice of its Canadian oil and gas assets as it refocuses on regional projects.

Abu Dhabi National Energy (Taqa) plans to offload a Canadian oilfield as it refocuses on projects closer to home.

Taqa North, a subsidiary of the majority Government-owned company, is set to close a sale of fields in Saskatchewan by March 2012, according to a filing today with the Abu Dhabi Securities Exchange.

The filing did not disclose the buyer or the value of the sale.

"It is part of the ongoing management of our rich portfolio, by which we are divesting non-core and mature assets, and investing in strengthening our strategic assets," Frederic Lesage, the president of Taqa North, said in an interview with Canadian Business. "We will continue to focus our capital investments in the coming years to organically grow our core Canadian and American operations."

Taqa is majority-owned by the state utility Abu Dhabi Electricity and Water Authority, while 24.9 per cent is traded on the Abu Dhabi Securities Exchange.

Its North American subsidiary, formerly a company called Northrock Resources, pumps about 90,000 barrels of oil equivalent per day in Canada and the US.

Some 4,000 bpd equivalent came from the Saskatchewan assets on sale.

Taqa announced it would buy Northrock Resources for US$2 billion (Dh7.34bn) in 2007 under its former chief executive, Peter Barker-Homek.


Published: December 18, 2011 04:00 AM


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