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Providing coverage of Alaska and northern Canada's oil and gas industry
March 2008

Vol. 13, No. 13 Week of March 30, 2008

Abu Dhabi subsidiary TAQA North makes mark in Canada

TAQA North, the wholly owned unit of Abu Dhabi National Energy Co., has posted the first modest marker on the road to its 2012 goal of joining Canada’s top 10 oil and gas producers. Following a US$7.5 billion shopping spree in 2007, TAQA Chief Executive Officer Peter Barker-Homek described the year as one of transformation from a domestic power utility in the Middle East to a “global energy franchise.”

Total production last year was 7.25 million barrels of oil equivalent, at an average 19,867 boe per day, of which 5.13 million boe at an average 14,055 boe per day came from Canada, 65 percent of that natural gas and 35 percent oil.

The balance was contributed by Netherland’s assets acquired from BP and the Brae assets in the British North Sea purchased from Talisman Energy, with 80 percent of that production coming from gas.

The parent company, 75 percent owned by the Abu Dhabi government, now operates in nine countries. In Canada, it notched a successful drilling year, completing 13 successful wells with a 92.9 percent success rate.

Having established a Canadian foothold, it is set to enjoy a full year of production from last year’s takeovers of Northrock Resources, Pioneer Canada and PrimeWest Energy Trust — representing combined output of about 100,000 boe per day from deals worth C$7.5 billion, well on the way to the C$20 billion worth of assets it aims to control by 2012.

Its global objective is a US$60 billion oil and gas business by 2012.

—Gary Park






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