By IANS
Abu Dhabi,The Abu Dhabi National Energy Company (TAQA) has announced the purchase of Northrock Resources Ltd, a Canadian based subsidiary of the US firm Pogo Producing Company for $2 billion.
The deal announced Tuesday will provide TAQA with an additional 142 million barrels of proven oil and gas reserves, over 37,000 barrels of oil equivalent per day (boe/d) and a best-in-class exploration and production team, the WAM news agency reported.
Calgary based Northrock Resources Ltd. is a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin.
Pogo had acquired Northrock in a share transaction on September 27, 2005.
Over the previous three years, Northrock has averaged 35,683 boe/d, consisting of 19,219 barrels of crude oil per day, condensate and natural gas liquids and 98.8 million cubic feet per day. For 2007 Northrock is expecting production of 37,700 boe/d.
“Northrock provides the ideal entry vehicle to Canada for TAQA”, said Peter E. Barker-Homek, chief executive officer of TAQA. “The total land holding within the portfolio is c.2.6MM acres, providing ample growth opportunities for the business.”