UAE’s TAQA plans to spend $10B in Canada

Abu Dhabi National Energy Co., also known as TAQA, plans to spend $3 billion in the next one year time to raise production capacity and reserves at the Canadian unit it acquired on August 14 from Pogo Producing Co. The proposed investment could eventually rise to $10 billion.

TAQA’s chief executive officer Peter Barker-Homek was quoted by media reports as saying in Calgary that the company is willing to spend as much as $10 billion on acquisitions in Canada. “We see Canada as a core market for investment and participation,” Barker-Homek said.

TAQA is targeting production of 100,000 barrels of oil equivalent a day from the newly acquired Northrock Resources and reserves of 500 million barrels.

The purchase of Pogo’s Northrock Resources Ltd. unit has provided Taqa with an additional 140 million barrels of proven oil and gas reserves, over 37,000 barrel of oil equivalent per day (boe/d gross) and a best-in-class exploration and production team. The new entity has been renamed TAQA North.

TAQA North has access to significant development and exploration opportunities in Saskatchewan and Alberta, with key exploration plays in Canada’s Northwest Territories, British Columbia and the Alberta Foothills.