Sources told Reuters on Wednesday that the Abu Dhabi National Energy Company “TAQA” has instructed its advisors to sell all of its oil and gas producing assets in Canada as part of efforts to reduce the company’s carbon footprint.
According to analysts at IHS Market, these assets may be worth about 1.5 billion Canadian dollars ($1.8 billion).
The state-owned company’s decision to fully exit Canada comes after it announced a review of its offshore and onshore oil and gas assets this month.
Owned by the Abu Dhabi government-owned holding company, TAQA has a portfolio of North Sea energy assets in the UK, the Netherlands, Canada and Iraqi Kurdistan.
TAQA’s portfolio includes onshore and offshore exploration activities, development and production of crude oil, natural gas and natural gas liquids, gas storage, and oil and gas processing and transportation.
Source: Reuters
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