courtesy Pogo Producing

Houston-based Pogo Producing said late Monday that it will sell its Northrock Resources business for $2 billion in cash to Abu Dhabi National Energy Co., also called TAQA.

TAQA will buy all the outstanding shares to acquire lands mostly in Alberta, Saskatchewan and the Northwest Territories of Canada.

Northrock produces 29,000 barrels of oil equivalent per day but boasts 706 billion cubic feet of equivalent, split roughly 50-50 between oil and gas proven reserves.

After closing of this transaction, Pogo will have sold approximately 900 bcfe of proven reserves for about $2.6 billion. Pogo is left with 1.3 trillion cubic feet of equivalents and 47,000 boed, mostly from Texas and the Rocky Mountains.