Oilweek - March 2008

Peter Barker-Homek (right), chief executive officer of the Abu Dhabi National Energy Company (TAQA), congratulates Don Garner on the close of TAQA North’s acquisition of Prime West Energy Trust. Garner was named chief executive officer of TAQA North.

Pieces of the puzzle
Now that it has added Prime West Energy Trust to its game board,
TAQA North is putting its North American growth plan into action

One of the first state-backed Middle East energy firms to stray outside of its own borders has now firmly established its presence in western Canada and intends to spend a half-billion dollars this year solidifying—and perhaps enhancing—its instant status as Canada’s 10th largest natural gas company in terms of reserves.

In mid-January, the Abu Dhabi National Energy Company— known in oil and gas circles as TAQA (Arabic for ‘energy’)— closed its US$4.6 billion purchase of Prime West Energy Trust,

the third piece of a company-building puzzle it took out of the box last summer when it acquired Northrock Resources Ltd., the Canadian operating subsidiary of Houston-based Pogo Producing Company.

Northrock was renamed TAQA North, and the new company immediately hit the acquisition trail, a mere week later snapping up Pioneer Canada (the Canadian subsidiary of Pioneer Natural Resources Company).

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