Calgary’s Suncor Energy on Wednesday agreed to sell TAQA North, a subsidiary of Abu Dhabi National Energy Co., some natural gas-related properties in Western Canada for C$285 million.

Current production on the assets to be sold is about 6,100 boe/d, Suncor said. The sale includes the Bearberry and Ricinus properties, which are located in west central Alberta, near Sundre.

The sale, with an effective date of April 1, is expected to close by the end of September, subject to regulatory approval.

TAQA-related subsidiaries have been making a name for themselves in North America, and now are among Canada’s biggest gas production and processing companies (see Daily GPI, May 28; Nov. 28, 2007; Sept. 25, 2007). TAQA also has been prowling for U.S. generating assets (see Daily GPI, Dec. 17, 2008).

As part of a strategic business alignment to focus almost exclusively on Canadian oilsands growth, Suncor has been selling most of its noncore assets since 2009, including many of its natural gas-related properties (see Daily GPI, March 25; Feb. 26).

To date Suncor has sold all of its U.S. Rockies properties, some noncore gas properties in Western Canada, all of its assets in the Netherlands, and all Trinidad and Tobago assets.

Properties still to be sold include some gas assets in Western Canada and noncore North Sea assets, Suncor said.

Including the sale to TAQA, Suncor said it had agreements in place to sell assets for a total of nearly C$2.4 billion.

©Copyright 2010Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.