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Abu Dhabi buys Canada's Northrock for two billion dollars



AFP
 ABU DHABI
Petroleumworld.com 05 30 07

Abu Dhabi National Energy Company (TAQA) on Tuesday announced the purchase of a Canadian oil and gas exploration firm, Northrock Resources Limited, for two billion US dollars.

TAQA, an Emirati-based global energy company, said the deal would provide it with an additional 142 million barrels of proven oil and gas reserves as well as the opportunity to expand.

"Northrock provides the ideal entry vehicle to Canada for TAQA", said Peter Barker-Homek, chief executive officer of TAQA.

Abu Dhabi sits on most of the UAE's oil and gas reserves, ranked respectively as fifth and fourth in the world. Proven oil reserves on their own are expected to last for another 150 years.

AFP 29 1416 GMT 05 07

Copyright© 2007 AFP. All Rights Reserved.

 

 

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