The Abu Dhabi National Energy Company (TAQA) of the United Arab Emirates (UAE) will carry out new acquisitions of 4 billion U.S. dollars in the next 12 months, local newspaper Gulf News reported on Tuesday.
The TAQA is now looking at opportunities in several countries, including Algeria, Libya, Tunisia, Norway, the Netherlands, Britain, Canada and possibly the United States, the company's CEO Peter Barker-Homek was quoted as saying.
At present, the company has investments, assets and operations in 10 countries -- the UAE, Canada, Ghana, India, Morocco, the Netherlands, Russia, Saudi Arabia, Britain and the United States.
The TAQA announced on Thursday its 540-million-dollar purchase of Pioneer Canada, an upstream petroleum exploration company, from its parent the U.S.-based Pioneer Natural Resources Company.
The purchase will go through the normal regulatory approval process and is expected to be completed "probably in November this year," Barker-Homek said.
The deal will provide the TAQA with an additional 59 million barrels of oil and gas reserves and add to TAQA's exploration and production team.
Established in 2005, the TAQA is an energy investment company, 51 percent of which is owned by Abu Dhabi government, 24.1 percent by the Farm Owners' Fund of Abu Dhabi, and the rest 24.9 percent by shareholders.
The combined output of TAQA's upstream assets is currently around 60,000 barrels of oil equivalent per day.
Source: Xinhua
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