The Abu Dhabi National Energy Company, also known as Taqa, has announced that its wholly owned subsidiary Taqa North has closed its acquisition of Pioneer Natural Resources Canada.
Taqa North agreed to purchase Calgary-based Pioneer Canada from Pioneer International Resources Company for $540 million, subject to adjustments.
The acquisition provides Taqa North with an additional 59 million barrels of (gross) proven and probable oil and gas reserves, more than 10,000 barrels of oil equivalent per day in production, as well as expertise in coal bed methane exploration and production.
Peter Barker-Homek, CEO of Taqa, said: The closing of this arrangement is an important milestone for Taqa as it continues its rapid international expansion. The Pioneer Canada assets are a great addition to Taqa North’s existing operations in Canada, and the acquisition provides additional scale and talent to help us capitalize on new and diverse development opportunities.