TAQA to acquire Pioneer Canada

The Abu Dhabi National Energy Company PJSC, known as TAQA announced the purchase of Pioneer Canada, a subsidiary of the US firm Pioneer Natural Resources Company for USD 540 million.

When finalized, the Pioneer deal will provide TAQA with an additional 59 million barrels of (gross) WI P+P oil and gas reserves, more than 10,000 barrels of energy per day (boe/d), and add to TAQA’s best-in-class exploration and production team with newly acquired expertise in coalbed methane exploration and production.

Calgary-based Pioneer Canada Ltd. is a Canadian oil and gas exploration company with operations in the Western Canadian Sedimentary Basin.

The Pioneer transaction is expected to close during the fourth quarter of 2007 and is subject to regulatory approval and other customary closing conditions.

Last week, TAQA announced that it will own and operate TAQA North Ltd, following the completion of the acquisition of Northrock Resources Ltd, a subsidiary of the US firm Pogo Producing Company for USD two billion.