1 July 2007
Abu Dhabi takes a foothold in Western Canada
TAQA, Abu Dhabi's national energy company, has made a surprise entry to Western Canada's oil patch with a $2bn all-cash offer for Northrock Resources. State-owned Taqa's approach raises the prospect of further investments in the country by companies from the Mideast Gulf. Northrock – a unit of Houston's Pogo Producing, which is under pressure from investors to sell all or part of its assets outside onshore Texas and the US Rockies – will add 29,000 barrels of oil equivalent a day (boe/d) of production and proved reserves of 116m boe (55% oil and natural gas liquids) to Taqa's portfolio, plus 2.6m undeveloped acres. The deal translates into a price of $55,000 per flowing barrel of production,
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