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Providing coverage of Alaska and northern Canada's oil and gas industry
July 2010

Vol. 15, No. 28 Week of July 11, 2010

TAQA acquires Suncor Alberta interest

TAQA North, a subsidiary of the Abu Dhabi National Energy Co., has acquired a portion of Suncor Energy Oil and Gas Partnership interests in West Central Alberta for C$285 million.

The sale, which includes the Bearberry and Ricinus properties in west central Alberta near Sundre, will be completed toward the end of the third quarter, the company said.

In addition to interests in land and infrastructure directly adjacent to or overlapping TAQA’s existing core area in west central Alberta, the acquisition includes production of 6,100 barrels of oil equivalent per day of liquid rich gas.

Frederic Lesage, managing director of TAQA North, said the acquisition would enhance the company’s “footprint in west central Alberta and realize synergies amongst our Caroline and Sundre properties. These assets have significant upside and will add to our current drilling locations in the area, while also adding production and reserves, and lowering our operating costs.”

Abdulla Al Nuiami, CEO of TAQA, TAQA North’s parent company, said this was an opportunity to acquire assets the company knows and allows the company to “consolidate our position in west central Alberta, growing organically and returning value to our shareholders through increased efficiencies and productivity.”

—Petroleum News






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