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FINANCIAL NEWS
UAE’s Taqa to sell Canadian oilfield by Mar 2012
19 Dec 2011
(MENAFN) Taqa North’s president, Frederic Lesage, said that the company, a subsidiary of Abu Dhabi National Energy (Taqa) would sell a Canadian oilfield in Saskatchewan by March of next year, reported The National.
Lesage added that the sale came as Taqa planned to refocus on projects closer to the UAE and as the company was getting rid of non-core and mature assets, and investing in expanding its strategic assets.
He also said that Taqa’s North American subsidiary pumped around 90,000 barrels of oil equivalent per day in Canada and the US, adding that nearly 4,000 bpd equivalent came from the Saskatchewan assets on sale.
It is worth noting that Taqa is majority-owned by the state utility Abu Dhabi Electricity and Water Authority, whereas 24.9 percent is traded on the Abu Dhabi Securities Exchange.
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