Abu Dhabi National Energy Company (TAQA) announced the purchase of a Canadian oil and gas exploration firm, Northrock Resources Limited, for $2 billion.
TAQA, an Emirati-based global energy company, said that 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.
(Middle East Times)