- 24 Jun 2010
- North America
TAQA NORTH announces acquisition of interest in West Central Alberta
Calgary, AB / Abu Dhabi, UAE – TAQA NORTH, a subsidiary of the Abu Dhabi National Energy Company PJSC (TAQA), today announced that it has acquired a portion of Suncor Energy Oil and Gas Partnership (“Suncor”) interests in West Central Alberta for a total consideration of CDN $285 million. The sale includes properties known as Bearberry and Ricinus, which are located in west central Alberta, near Sundre. The acquisition will be completed in the latter part of the third quarter.Under the terms of the sale and purchase agreement TAQA will acquire:Frederic Lesage, Managing Director of TAQA NORTH stated “The acquisition will enhance TAQA NORTH’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, Chief Executive Officer of TAQA NORTH’s parent company, TAQA, said: “The opportunity to acquire assets that we know deeply is an exciting one. We will consolidate our position in west central Alberta, growing organically and returning value to our shareholders through increased efficiencies and productivity.”- ENDS -CONTACT TAQA:Contact Information for Media:
TAQA Media Relations, Abu DhabiTel +971 2 691 4894; Mob +971 56 685 2717
Allan.Virtanen@taqaglobal.comTAQA Investor Relations, Abu Dhabi
Tanis Thacker, Head of Investor Relations
+971 2 691 4933Mohammed Mubaideen, Investor Relations Manager
+971 2 691 4964Canada
+1 (403) 724 5035NOTES TO EDITORSAbout TAQATAQA is a global energy company majority owned by the Abu Dhabi Government and listed on the Abu Dhabi Securities Exchange.
Our activities include oil and gas, power generation and water desalination across five continents. With operations in the UK, the Netherlands and North America, our oil and gas business includes exploration and production, storage and pipelines. We produce almost 135,000 barrels of oil equivalent per day in the North Sea and North America, as well as operating and developing extensive gas storage facilities in the Netherlands.
Our power plants are located in the United Arab Emirates, Morocco, Saudi Arabia, Ghana, India, the Caribbean and the United States. TAQA is the majority owner in the facilities that provide 98% of the water and electricity requirements in the Emirate of Abu Dhabi.
Established in 2005, our entrepreneurial culture has laid the foundations for long-term sustainable growth building on our commitment to people, safety and the environment.