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FINANCIAL NEWS
Taqa pays $274m for Alberta assets
24 Jun 2010
(MENAFN) Taqa North, which is a subsidiary of the Abu Dhabi National Energy Company (Taqa), has bought a portion of Suncor Energy Oil and Gas Partnership’s interests in West Central Alberta for $274 million, Reuters reported.
The sale included properties known as Bearberry and Ricinus, which are located in west central Alberta, near Sundre. The acquisition is expected to be completed in the latter part of the third quarter.
Under agreement Taqa will acquire production of 6,100 barrels of oil equivalent per day (boepd) of liquid rich gas, as well as interests in land and infrastructure directly adjacent or overlapping TaqaÂ’s existing core area in west central Alberta.
Managing Director of Taqa North, Frederic Lesage, said that the acquisition will improve Taqa NorthÂ’s footprint in west central Alberta and realize synergies amongst our Caroline and Sundre properties. He added that these assets have significant upside and would add to our current drilling locations in the area, while also adding production and reserves, and lowering our operating costs.
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