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Taqa acquires share in Kurdistan oil block
- United Arab Emirates: Thursday, January 03 - 2013 at 06:47
Abu Dhabi National Energy Co (Taqa) has acquired a 53.2% operating interest in Iraqi Kurdistan's Atrush oil block for $600m from General Exploration Partners (GEP), Reuters has reported. The acquisition marks the first time the Abu Dhabi-based company has operated an oil and gas project in the Middle East. GEP is a venture between privately-held Aspect Energy, which owns a 66.5% interest, with the remainder held by a subsidiary of Canadian group ShaMaran Petroleum. "It's part of our strategy to expand in the Middle East and North Africa (Mena) region," a spokesman for Taqa said. Production is expected to start in 2013 and the acquisition would be funded "from corporate resources," the spokesman said.
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