by Tina Olivero

    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.)

    Tina Olivero

    30 years ago, Tina Olivero looked into the future and saw an opportunity to make a difference for her province and people. That difference came in the form of the oil and gas sector. Six years before there was even a drop of oil brought to the shores of Newfoundland, she founded The Oil and Gas Magazine (THE OGM) from a back room in her home on Signal Hill Road, in St. John’s, Newfoundland. A single mother, no financing, no previous journalism or oil and gas experience, she forged ahead, with a creative vision and one heck of a heaping dose of sheer determination. With her pioneering spirit, Ms. Olivero developed a magazine that would educate, inspire, motivate and entertain oil and gas readers around the world — She prides herself in marketing and promoting our province and resources in unprecedented ways. The OGM is a magazine that focuses on our projects, our people, our opportunities and ultimately becomes the bridge to new energy outcomes and a sustainable new energy world. Now diversifying into the communications realms, a natural progression from the Magazine, The OGM now offers an entirely new division - Oil & Gas Media. Today, The Oil and Gas Magazine is a global phenomenon that operates not only in Newfoundland, but also in Calgary and is read by oil and gas enthusiasts in Norway, Aberdeen, across the US and as far reaching as Abu Dhabi, in the Middle East. Believing that Energy is everyone’s business, Ms. Olivero has combined energy + culture to embrace the worlds commitment to a balance of work and home life as well as fostering a foundation for health and well being. In this era of growth and development business and lifestyle are an eloquent mix, there is no beginning or end. Partnering with over 90 oil and gas exhibitions and conferences around the world, Ms. Olivero's role as a Global Visionary is to embrace communication in a way that fosters oil and gas business and industry growth in new and creative ways.

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