By Dylan Bowman
The Abu Dhabi energy company eyes further acquisitions following its $2bn purchase of Northrock.
Abu Dhabi National Energy Company (Taqa) is looking at further acquisitions in Canada following its $2 billion purchase of oil and gas exploration firm Northrock Resources.
“This acquisition gives us a land bank of 2.6 million acres, some of which we will farm out and some of which we will sell,” Peter Barker-Homek, CEO of Taqa, told Bloomberg yesterday.
“We are also looking at growth opportunities in Canada and there may be other acquisitions play that we can build this business on,” he said.
Taqa agreed to acquire Northrock yesterday from US oil and gas giant Pogo Producing Company, giving Taqa a strong foothold in the Canadian energy industry.
The deal will provide Taqa with an additional 142 million barrels of proven oil and gas reserves, over 37,000 barrels of oil equivalent per day, and key exploration and production expertise.
Northrock operations in the Western Canadian Sedimentary Basin and has properties located largely in Alberta, Saskatchewan and the Northwest Territories.
The company’s proven reserves consist of 80,079 million barrels of oil, condensate and natural gas liquids and 371,572 million cubic feet of sales gas. About 51% of the production and 55% of the Northrock reserves are oil.
Earlier this month Taqa completed the acquisition of CMS Generation, a subsidiary of the US integrated energy firm CMS Energy.