Abu Dhabi National Energy Co. made its largest acquisition so far in Alberta's energy oil and gas fields by purchasing for $5 billion U.S. dollars Prime West Energy Trust as the United Arab Emirates-based firm continues to purchase significant assets in order to become a major player in Canada’s oil and natural gas industry.
The purchase was the third acquisition made by Abu Dhabi National Energy Co. in Alberta since May 2007 and it appears it will not be the last as Abu Dhabi National Energy Co. seeks to increase the size of its Canadian subsidiary, TAQA North, from $7.5 billion U.S. dollars and is on a spree to spend $20 billion U.S. dollars by 2012 through oil and gas production growth and additional purchases, said CEO Peter Barker-Homek.
"Further acquisitions will come, and certainly Canada is an area in which we are looking for further opportunities to grow the business and get to scale," Mr. Barker-Homek said in a conference call today.
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