Oil Sands and the Middle East Globally United in Asset Acquisition

As part of its strategic business alignment, Suncor, Alberta’s leading oil producer, is continuing with plans to divest of a number of non-core assets. Announced sales to date include all oil and gas producing assets in the United States Rockies, some non-core natural gas properties in Western Canada, all assets in the Netherlands and all Trinidad and Tobago assets. Remaining proposed divestment’s include certain natural gas assets in Western Canada and non- core North Sea assets. To date Suncor has reached agreements to dispose of assets for aggregate consideration of approximately $2.4 billion.

In June of this year, Suncor Energy agreed to sell non-core Bearberry and Ricinus assets in Alberta. Suncor Energy has reached an agreement with TAQA NORTH, a subsidiary of the Abu Dhabi National Energy Company PJSC (TAQA), to sell certain natural gas properties for approximately $285 million. Current production on these lands is approximately 6,100 barrels of oil equivalent per day. The sale includes properties known as Bearberry and Ricinus, which are located in west central Alberta, near Sundre.

Frederic Lesage, Managing Director of TAQA NORTH in Abu Dhabi, stated, “The acquisition will enhance TAQA NORTH’s footprint in west central Alberta and realize synergies amongst our Caroline and Sundre properties. These assets have significant upside and will add to our current drilling locations in the area, while also adding production and reserves, and lowering our operating costs”.

Abdulla Al Nuiamiz, Chief Executive Officer of TAQA NORTH’s parent company, said: “The opportunity to acquire assets that we know deeply is an exciting one. We will consolidate our position in west central Alberta, growing organically and returning value to our shareholders through increased efficiencies and productivity.
(All financial figures are approximate and in Canadian dollars unless otherwise noted.)