Taqa inks pact to sell Canada oil and gas assets

20 December 2011: Taqa North, the North American subsidiary of Abu Dhabi National Energy Co, has reached an agreement to sell its oil and gas assets in southeast Saskatchewan in Canada, as it offloads non-core assets and focuses on building its Canadian and American business organically. The sale is expected to close in March 2012, the parent company, better known as Taqa.

The company will use the sale proceeds to pay down debt and for general corporate use, Taqa spokesman Allan Virtanen said in an e-mailed reply to questions from Zawya Dow Jones. No value for the deal was given. The assets being sold have a current production of about 4,000 barrels of oil equivalent per day. Outside Saskatchewan, Taqa North operates assets and produces more than 85,000 barrels of oil equivalent per day in Alberta, British Columbia, and Ontario in Canada; and Montana, North Dakota, and Wyoming in the US.

Source: Gulf Times