Taqa completes acquisition for Pioneer Canada

28 November 2007

Taqa North, a subsidiary of the Abu Dhabi National Energy Company (Taqa), has completed the acquisition of Pioneer Natural Resources Canada.

Taqa agreed to buy the company from Pioneer International Resources Company in August for $540m. Pioneer Natural Resources Canada is an oil and gas exploration company operating in the Western Canadian Sedimentary Basin.

The deal provides Taqa North with an additional 59 million barrels of proven and probable oil and gas reserves, and production of more than 10,000 barrels of oil equivalent a day.

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