Reuters reported that Abu Dhabi National Energy Co has reached an agreement to sell some of its oil and gas assets in Canada for an undisclosed amount.

TAQA said in a statement to the Abu Dhabi bourse that TAQA North, a unit of the company, expects to close the sale in March 2012. The assets in southeastern Saskatchewan have current production of about 4,000 barrels of oil equivalent per day.

TAQA, which is 75% owned by the government of Abu Dhabi, has invested in a handful of Canadian companies in recent years. In October 2011, it unveiled plans to invest CAD 46.6 million in WesternZagros Resources, giving the Canadian based oil explorer much needed financial breathing room as drilling draws near for its next big well in Kurdistan in northern Iraq.

The power and energy firm also operates power plants in Morocco, Saudi Arabia, Ghana, India and the US and aims to start oil and gas operations in northern Africa.

(Sourced from www.reuters.com)