Abu Dhabi National Energy Co. (TAQA) is planning to quit the Canadian oil and gas business and has hired advisors to sell its assets there.
According to some sources, TAQA is working with Tudor, Pickering, Holt & Co (TPH) and Jefferies for its CAD1.5 billion (USD1.18 billion) Canadian asset sales. In October, the company will make confidential information presentations to interested parties.
The company’s Canadian assets produced 73,000 boepd in 2020, making up 60% of TAQA’s entire oil and gas portfolio in the year.
The decision to sell was based on the company’s drive to decrease its carbon footprint.
