TAQA North, a wholly owned subsidiary of the Abu Dhabi National Energy Company has finalized the acquisition of Pioneer Natural Resources Canada Inc (Pioneer). The Calgary-based group is a subsidiary of Pioneer International Resources and is an oil and gas exploration company with operations in western Canada.
The acquisition provides TAQA North with an additional 59 million barrels of 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.”
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