Abu Dhabi National Energy Company, TAQA, has almost closed a deal to sell some of its natural gas and oil-producing assets in British Columbia and Alberta to Blue Sky Resources Ltd, Reuters reported.
The two companies agreed on terms of sales and they are waiting for the Alberta Energy Board’s approval to close the deal.
The company did not deliver information about the deal’s value.
“If and when any deal is finalized and approved by the relevant authorities, we will make an announcement in line with regulatory requirements,” TAQA told Reuters.
Upon closing the deal, TAQA will be the second large oil company to decrease its assets in Canada. Many international oil companies (IOCs) are trimming their assets in Canada due to several concerns, including emissions, production costs, and capital scarcity.