UAE TAQA Completes Purchase of Talisman's UK Oil, Gas Assets

DUBAI, Dec 31, 2007 (Dow Jones Newswires)

Abu Dhabi National Energy Co., or TAQA, on Monday completed the acquisition of Canada-based Talisman Energy's non-operated oil and natural gas assets in the Brae area of the U.K., the company said in a statement.

The Abu Dhabi government-controlled company acquired Talisman's Brae assets for $550 million in January.

TAQA said earlier this month that it plans to complete the acquisition of Canada's PrimeWest Energy Trust in January, helping the company turn into a formidable northern American oil player.

TAQA in September paid C$5 billion, including debt, for PrimeWest Energy, the company's third acquisition in Canada in 2007.

In August, TAQA closed the $2-billion purchase of Northrock Resources, the Calgary-based exploration arm of Houston's Pogo Producing Co. and announced plans to acquire Pioneer Canada for $540 million.

The transactions have helped TAQA build up current assets worth $21 billion and boosted hydrocarbons production to 165,000 barrels a day of oil equivalent, its chief executive Peter Barher-Homek said earlier this month.

DUBAI, Dec 31, 2007 (Dow Jones Newswires)