UAE'S TAQA to sell some Canadian oil and gas assets

UAE’S TAQA to sell some Canadian oil and gas assets

TAQA North to sell oil and gas assets in southeast Saskatchewan; Sale expected to close in March 2012

December 18, 2011 11:26 by Reuters

Abu Dhabi National Energy Co (TAQA) has reached an agreement to sell some of its oil and gas assets in Canada for an undisclosed amount, the company said on Sunday.

TAQA North, a unit of the company, expects to close the sale in March 2012, TAQA said in a statement to the Abu Dhabi bourse.

The assets in southeastern Saskatchewan have current production of about 4,000 barrels of oil equivalent per day.

TAQA, which is 75-percent owned by the government of Abu Dhabi, has invested in a handful of Canadian companies in recent years.

In October, it unveiled plans to invest C$46.6 million in WesternZagros Resources, giving the Canadian-based oil explorer much-needed financial breathing room as drilling draws near for its next big well in Kurdistan in northern Iraq.

The power and energy firm also operates power plants in Morocco, Saudi Arabia, Ghana, India and the U.S. and aims to start oil and gas operations in northern Africa. (Reporting by Praveen Menon)